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.”
19 thoughts on “Pang Da Says No Change in Plans *UPDATED*”
Phew, nice to see this news. This was what I was most concerned about overnight. Leave it to SU to have the news first, saved me a lot of hairpulling at work!
But aren’t you in the US Jeff? Go to bed!
+1 good news for me to wake up to at 0500
Pang Da’s commitment to SAAB is very encouraging. In particular, Yang Win strikes me as pretty forward thinking as he appears to be seeing a very different reality than what is being relentlessly coughed up by the popular media and the Swedish government.
Sorry, I meant Yang Yin …. its getting late
Wang Yin (third time is the charm :-)) … anyhow, yes: he is an great example of the growing, nuanced, Capitalist movement in China.
I agree with you. 🙂
Remember Rover ?
“Pang Da Says No Change in Plans” might mean that they are waiting to hoover up the remains of Saab for nothing when it folds.
All is fair in business, and getting the same thing for less is how it works ?
Not if they want to use the Saab brand.
Losing the brand as they will in bankruptcy is seriously bad business if you want to sell to Chinese people.
The General might have some say if Saab folds.
I don’t think it will be that straightforward.
Hopefully it won’t come to that and with luck the land sale may go through on Monday.
Saab Aerospace would never allow the name to be used by a Chinese company.
Not very related but: “Carlo A June 23, 2011 at 19:59
today around 12% of the company changed hands… big chunk”
Do anyone have more information about this?
Yesterday the trading volume for SWAN shares was 2,589,192.
Which is about 12% of the total shares.
This doesn’t mean that 1 person has bought them.
Today the trading volume so far is : 2,292,115
I think this is only related to the low price (~ 1€ ) of the share.
OK, thank you!
In an article I read that VA had mentioned that there vere several ways to buy shares, and one of tehm was this way. I guess he is allowed to do so?
Even if he tried to do so, there are regulatory bodies that check that everything is done in a correct manner.
VM in talks with Pang Da/Youngman?
I feel that we will see the next 9-3.
There is a poll in TTELA if this is the end for Saab “Är detta slutet för Saab?”: http://ttela.se/ekonomi/saab/1.1264335-aven-tjanstemannens-loner-uteblir
Vote Nej for No if you feel the same way I do. 🙂
Sorry! The poll is closed.
Let’s just hope that this sorts out and we see Pang Da, Youngman and Antonov secure the mid term financing. I am just waiting to test drive the 9-4X and the 9-5 SC and ten hopefully replace or 2nd car. (currently 9-5 SC old model). I still will drive my company car but my wife will be very happy. She from the beginning did not want a Saab as her car but now I can’t get her to drive anything else (eventhough my car is newer, more hp etc, and I still enjoy driving her car)
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