Chinese distributor Pang Da Automobile is pumping more cash into Spyker NV's ailing Swedish unit Saab by placing a new order for 630 vehicles valued at €15 million or US$21.5 million. This latest order comes after an earlier one last week for 1,300 cars worth €30 million (US$43.2 million) and is part of a broader deal in which Pang Da agreed to buy a 24 percent stake in Saab’s parent company Spyker for €65 million (US$93.5 million). The Swedish automaker said that as with the first order, Pang Da will pay the additional €15 million order up front with the funds expected to be received by the end of this week. Delivery of the vehicles ordered by Pang Da will start in the fall of this year.
Saab and Spyker CEO Victor Muller said the new order proves that the Swedish automaker has found the “right partner” in Pang Da. Muller added that he looks forward to the next step in the business partnership between the two companies “when we set up joint ventures for distribution and, at a later stage, production in China together with a still-to-be-named manufacturing partner”.
Pang Da Automobile’s CEO and Chairman Pang Qinghua, CEO said that his company made “the right decision in entering a partnership with Spyker and Saab Automobile”.
Saab restarted production on Friday, May 27, after a near eight week stoppage due to unpaid bills to suppliers.