Saab says deal with Pang Da still possible

Reading Time: < 1 minute

News like this to your inbox or phone?

Weekly summary to your inbox

Never miss and important news

Get Instant notification once the news is published.

- Advertisement -

(UPI) — Saab Chief Executive Officer Victor Muller said Chinese authorities informed him a deal with Pang Da was still possible.

The National Development and Reform Commission in China needs to approve major deals between foreign and Chinese companies and it has been reported that companies can submit applications for one deal at a time, the Stockholm News reported Tuesday.

- Advertisement -

Saab had already had a deal with Chinese car manufacturer Youngman submitted for review. This would, under the circumstances, derail the new deal with Pang Da.

But Muller said he has heard directly that the deal with Pang Da is still viable, the newspaper said.

- Advertisement -

Dutch company Spyker Cars purchased Saab from General Motors Co. in 2010, but the company has been under severe financial stress. Production has been halted several times in recent months while the company seeks to work out long-term financing in order to pay subcontractors, who have stopped making deliveries.

- Advertisement -
- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -