Geely Automobile from China, whose parent company owns Volvo, said that it has no interest in acquiring Saab. The report comes after Dagens Nyheter reported that Geely may be interested in buying Saab for production and development reasons.
Saab is currently restructuring under creditor protection as it waits for long-term investment from China’s Zhejiang Youngman Lotus Automobile and Pangda Automobile Trade Co. A $93 million loan from Yonungman has yet to be cleared.
The paper reported that Geely has approached Saab’s court-appointed administrator about a deal.
Geely Automobile executive director Lawrence Ang said that the company has no such plan and is busy taking over Volvo.
– By: Omar Rana
Source: Automotive News