Spyker Cars and Saab Automobile AN announced today that Pang Da Automobile has entered procedure discussions with Chinese authorities, including the National Development and Reform Commission (NDRC), to obtain regulatory approvals for the investment in Spyker Cars and Saab Automobile.
“Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal,” said Victor Muller, CEO of Spyker Cars and Saab Automobile. “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.”
Spyker Cars also said that it will rename itself to Swedish Automobile N.V. shortly. “The general meeting of shareholders has decided so,” the company said in a statement.
Earlier this month, Spyker and Saab announced that they have signed a Memorandum of Understanding where Pangda will rescue debt-ridden Saab in a deal worth as much as 110 million euros ($155 million USD).
– By: Omar Rana