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Press Release: Pang Da starts discussions with NDRC

May 23, 2011 in News

Pang Da Enters Procedure Discussions With Chinese Authorities To Obtain Necessary Regulatory Approvals For Investment In Spyker And Saab Automobile

Trollhättan, Sweden – Spyker Cars N.V. (Spyker) and Saab Automobile AB (Saab Automobile) confirm that Pang Da Automobile (Pang Da) has entered procedure discussions with Chinese authorities, including the National Development and Reform Commission (NDRC), to obtain regulatory approvals for the investment in Spyker and Saab Automobile. Spyker Cars is to be renamed Swedish Automobile N.V. shortly. The general meeting of shareholders has decided so.

Victor Muller, CEO of Spyker and Saab Automobile, said: “Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal. I am very much looking forward to creating a strong business with Pang Da, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China. What needs to be pointed out is that Pang Da’s advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday.”

Mr. PANG Qinghua, CEO of Pang Da, said: “The initial procedure discussions we have had with the NDRC were done in good spirit and all parties have a good understanding of the process going forward. We remain convinced that we will be able to get all the necessary documentation and approvals to successfully complete the transactions and look forward to our visit at Saab Automobile’s headquarters in Trollhättan, Sweden, later this week.”

22 responses to Press Release: Pang Da starts discussions with NDRC

  1. Positive news! :-)
    I really hope that Saab will soon be on a stable course forwards.

  2. Quite important to stress again that the distribution deal is not subject to the approval.

    Positive news. :-)

  3. Monday is allways good for excellent news. Step by step we are going further:)
    If EIB made final decision (positive of course as it is only one possible) this can be good week.

  4. Good news indeed – even better news would be a date for production to start again – I would hate the team from Pang Da to be greeted by a silent plant.

    • If they are not able to start production this week, I think Pang Da will understand that the part situation takes a litte time to solve. But now I can’t imagine that any supplier will make any problems for Saab. I hope the production starts this week. :-)

    • Everything indicates that they will start on Friday. So lets keep the fingers crossed that they get enough parts to do it.

  5. Seems like the rumor from last week was just a load of bull. Which is good news!

  6. Yes. The problem with media today is that one “newspaper” start with an article and all the other just “copy and paste” with small adjustments in their media. A lie can be true in seconds aroud the world. ” I saw this on many places – this must be true!” This is the dilemma with modern media.

    Hope you all will have a nice week – with positive news about Saab.

  7. Exactly!

    B.t.w DI.se has not commented this press release – well it was positive news… :-)

  8. Very good news. Seems like everything is deploying as planned. To me, the idea not to sell shares but cars in the first step becomes more and more a brilliant move. It grows on me, as I would say if the idea were a SAAB.

    In his recent interview, PangDa’s CEO said

    “As soon the deal was signed we sent them 30 million Euros, Spyker promised to restart production in 7 days, as soon as this starts Pangda will create a team to carry out checks. The board of directors will create a framework of cooperation. If we hear from our team that Saab has kept upto its promises we will put forward a proposal to the NDRC (National Development and Reform Council) for approval.”

    Has this team already arrived to Trollhättan yet? Does the news mean that PangDa has handed it its proposal yet?

  9. the development of a new model will cost about 1 billion $, how could be 100 millions enough ?

    • These are “numbers” from a big player starting a new model from zero.

      But with a flexible smart structure you were able to do things which others would say it´s impossible.
      And a lot of development costs of the big players you could find in the overhead in the headquarters.
      Slowly taken decisions, to many people involved …..

      • Car manufacturers love to inflate those numbers including all possible and impossible costs to make it look impressive how much they spent on a new car (you wouldn’t like to think your new shiney auto was developed on a shoestring), and their costs to shareholders :D

        Truth is, the actual development doesn’t cost that much, unless you’re starting from scratch, and the new 9-3 is mostly an extensive revamp of the current (rather brilliant) model, with much of the really costly work outsourced to other partners (Vicura, eAAM, BMW).

  10. In parallel to the NDRC discussions, Pang Da has also filed an application to the Swedish National Debt Office to be allowed to buy shares in Saab.
    http://www.gp.se/ekonomi/1.634551-pang-da-ansoker-om-spykerkop

  11. my question again ! who will pay the costs for the development of new models 9-3 and 9-2 ?

    • The cost of a new model can be roughly broken down into 4 parts; platform, engine, coachwork and fluff. For the 9-3 the platform will be the existing heavily Saabified epsilon platform. The engine will be sourced from somewhere else, BMW? The fluff is interior, electrics and so on and so on, not an extreme amount of development cost in there. I have no idea what the development of tooling for the coachwork is going to take.
      The $1B that you are stating is for a complete new development, i.e. everything from the ground up. This is not the case for the 9-3 and a lot has been done already, so the amount of funds needed for finishing up is much less than $1B.
      Forget about the 9-2 for the time being.

    • The development of the 9-3 is an advanced stage. Who will pay for it?? Saab is the only possible answer. I don’t think that they need a billion to have a new 9-3, they just have to shop smart.
      The platfrom seems to be ready as the Phoenix was built on it. We have a petrol engine to start with, we have an advanced rear axle. The biggest questionmark is the diesel engines.

      This opens up a nice discussion (again). Who to choose??

      I, for one, think the smartest choise is PSA.
      Why?
      * If I recall correctly, the 1.6T petrol is based on a PSA, so it might fit nicely on the phoenix platform.
      * The overall engine quality is very good.
      * you have an incredible range of diesel engines, starting from 1.4 up to at least the 3.0 from the jag XF.

      Expansion of the petrol range? I would go Nissan/Renault. The current masterpiece (except the GTR-engine), the VQ35 or VQ37 range is incredible. Check Renault Sport division or Nismo.
      They go up to 450hp with those engines for production cars!

      Just a thought!

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