This is the news from Bloomberg this morning, who reached Wang Yin, board secretary of Pang Da.
“There’s no change to our previous plan,” he told Bloomberg in a phone interview. “Saab is having temporary financial difficulties and the problem isn’t fundamental.”
Gasgoo, a China based Auto Industry news site published a translation of an interview with Pang Qinghua, CEO of Pang Da, that was printed in Beijing Times. It was published yesterday, so I’m not sure if it was conducted before or after news of the salary payment freeze was available to Mr. Pang. Read it after the break.
According to GP.se which cites Swedish radio news, Youngman and Pang Da are helping to find a way to help Saab with the liquidity crisis. One of the directors of Youngman who is Pang Da CEO Pang’s daughter told them that they are working together with Saab, including Victor Muller. Clearly they want their deal still, and don’t see the problems as fundamental. Considering they’ve worked on their due diligence for quite some time, I’d trust their assessments, not repeat hit pieces from news organizations who have only recently picked up the story.
Eric Geers also told Swedish radio that Victor is working around the clock and that he thinks the property sale looks good.
Beijing Times: “When the four-way cooperation (between Pangda, Spyker, Saab and Youngman) agreed upon, what work needs to be done now?”
Mr. Pang: “Currently surveys are still being conducted, [according to which] Saab is doing very well. After [that] is completed, the official signing ceremony will take place, [with the document] being sent to the National Development and Reform Committee. Pangda and Youngman will be very cautious about the application process.”
Beijing Times: “BAIC bought the intellectual rights to a part of Saab’s technology in 2009, [now with] Pangda and Youngman about to bring over Saab models, is there any danger of copyright disputes arising?”
Mr. Pang: “BAIC bought the rights to the old 93 and 95 platforms, which are currently used in a portion of Saab’s vehicles, and will not be phased out of production until 2014. The vehicles we are bringing over this year include a number built on [those] platforms]. We have agreed to cooperate with BAIC and we hope that [we can avoid] any legal disputes from arising. Actually, if we sold only vehicles based on the 93 and 95 platforms, we would not infringe on BAIC’s property rights.”
Beijing Times: “Youngman wants to cooperate with and control a part of Saab, are they thinking of using this channel to sell Youngman and Youngman Lotus cars?”
Mr. Pang: “I don’t know what Pang Qingnian [head of Youngman] is thinking. [As far as] I am the head of the sales division, I can state clearly, [we] will only sell Saab vehicles. [Even if] Pang Qingnian gives me non-Saab vehicles, I will not sell them.”