Saab wins reprieve

The beleaguered Swedish carmaker has signed an agreement with two Chinese manufacturers to buy a controlling stake

Saab badge

The soap opera of Saab's up-and-down fortunes in recent months has delivered another twist.

The company that owns the crisis-hit Saab brand has signed a 'memorendum of understanding' to sell the company to two Chinese manufacturers for 100 million Euros. However, despite the excited headlines you'll see elsewhere, the news doesn't guarantee the salvation of the Swedish manufacturer - only ensuring that the administrator currently in charge of Saab has now withdrawn his application to force the company to 'exit reorganisation' - which would have effectively wound it up as a going concern.

The question now is whether to the two Chinese manufacturers, Youngman and Pang Da, will prove more willing to finalise the deal than they did when previously negotiating for a smaller stake in Saab. The memorandum of understanding is valid until November 15th, so any deal will need to be finalised by then. Watch this space.

Read Richard Porter's blog on whether Saab deserves to be saved.

Most Popular

BMW M3 Competition and M4 Competition xDrive models detailed
BMW M3/4 Competition xDrive tracking
BMW M3 saloon

BMW M3 Competition and M4 Competition xDrive models detailed

All-wheel-drive M3/M4 Competitions to arrive in late summer
18 Apr 2021
The Mansory F8XX is a 220mph Ferrari F8 Tributo
Mansory F8XX front
Ferrari F8 Tributo

The Mansory F8XX is a 220mph Ferrari F8 Tributo

Ferrari’s latest mid-engined V8 offering has been given a Mansory makeover
19 Apr 2021
Jaguar XJ41 – Dead on arrival
Jaguar XJ41
Jaguar

Jaguar XJ41 – Dead on arrival

The blighted ’80s ‘F-type’, the demise of which led to the creation of the Jaguar XK8 and launched a new era for Aston Martin
8 Apr 2021