Fleet News

600 million Euro fund to secure Saab future

Saab is to get a minimum of 600m Euros to fund operations to the end of 2013 under proposals revealed following its agreed sale to Chinese companies Pang Da and Youngman.

The funding is part of a reorganisation plan that also includes 500 job cuts.

Using the funds Saab expects to generate car sales of 35-55,000 in 2012 and 75-85,000 in 2013, with a long-term target of 185-205,000 sales driven by access to the Chinese market.

New models will include the 9-5 SportCombi and the 9-4X.

The information was presented in a preliminary reorganisation plan issued by Saab.

The Chinese investors have also expressed their commitment to provide 50m Euros to fund Saab while in reorganisation.

Saab pointed out that it has not yet received the funding.

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