Trollhättan, Sweden – Saab has signed an agreement that, if approved, will include a manufacturing joint venture in China.
Spyker, Saab and its Chinese distribution partner Pang Da have signed a non-binding memorandum of understanding with Zhejiang Youngman Lotus Automobile Company (Youngman), which includes an equity participation in the total aggregate amount of about €245 million, along with a strategic alliance consisting of joint ventures for distribution and for the manufacture of vehicles under the Saab brand and a joint venture brand.
On May 16, Spyker and Saab signed an agreement with Pang Da that included a 50/50 distribution joint venture and manufacturing joint venture (MJV) for vehicles branded with Saab and an MJV-owned brand. It was agreed that Saab would have up to 50 per cent in the MJV, with Pang Da owning the remaining shares in conjunction with a to-be-selected manufacturing partner. Pang Da and Saab have now agreed that Youngman will become the manufacturing partner.
“Having entered the (agreement) on May 16 with Pang Da, we collectively immediately set out to identify the most suitable (manufacturing) partner to join Saab and our joint ventures,” said Victor Muller, CEO of Spyker and Saab. “We are convinced that Youngman represents all the qualities required to make Saab and the joint ventures a success.”