Pangda orders 630 Saab vehicles worth $21 million, Spyker CFO to become Saab CFO

2011 Saab 9-5

Spyker Cars, which will eventually be renamed Swedish Automobile N.V., announced today that China’s Pang Da Automobile has placed an additional order for 630 Saab vehicles.

The order is valued at 15 million euros ($21 million USD) and follows the visit to Saab Automobile’s facilities in Trollhattan last week by a number of senior Pang Da representatives, headed by Chairman and CEO Mr. Pang Qinghua.

Last month, Saab, Spyker and Pangda announced that the three have signed a Memorandum of Understanding where the Chinese company will rescue debt-ridden Saab in a deal worth as much as 110 million euros ($155 million USD).

“The order comes on top of the 1,300 cars that Pang Da ordered for EUR 30 million and both orders are part of the broader tentative agreement between Spyker and Pang Da which was signed on May 16,” Saab said. “As with the EUR 30 million order, Pang Da will pay the additional order up front and Saab Automobile expects to receive the funds this week. Delivery of the vehicles will start in the fall of this year.”

“I am delighted that Pang Da, as previously planned, has ordered an additional 630 Saab vehicles, said Victor Muller, CEO of Spyker and Saab Automobile. “This not only shows the potential for the Saab brand in the Chinese market, but also that in Pang Da, we have found the right partner. I look forward to the next step in our business relationship 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.”

Spyker also announced that with the┬áplanned sale of the Spyker sports car business to Vladimir Antonov, the remaining activities of the Spyker group will comprise only the Saab activities. As such, Spyker’s CFO has resigned his position and will assume a new position as Saab’s CFO.

– By: Omar Rana