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the salvation of the Swedish manufacturer - only ensuring that the administrator currently in charge of Saab has now withdrawn his application to force the company to 'exit reorganisation' - which would have effectively wound it up as a going concern.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

Novitec Ferrari SF90 upgraded to 1093bhp
Ferrari SF90 Novitec – 1
Ferrari SF90 Stradale

Novitec Ferrari SF90 upgraded to 1093bhp

German tuner to take Ferrari’s complex hybridised supercar up and over 1000bhp
4 Jul 2022
Porsche Taycan Cross Turismo 2022 review – a sports utility vehicle done right
Porsche Taycan Cross Turismo – front cornering
Porsche Taycan

Porsche Taycan Cross Turismo 2022 review – a sports utility vehicle done right

A convincing play at being the ultimate everyday driver of the future. It’s heavy and doesn’t have enough range, but there’s lots here to like
2 Jul 2022
A car wash loophole in an MGF – evo Archive
Car wash loophole in an MGF
MG

A car wash loophole in an MGF – evo Archive

How the drop-tops Grand Challenge got some of the evo team in a lather
21 Jun 2022