Dominion Lending Centres Clearlease Reports Saab signs $351 million manufacturing deal with China’s Youngman, Pang Da
VANCOUVER, BC (June 13, 2011) Dominion Lending Centres Clearlease Reports Saab-owner Spyker Cars NV on Monday June 13, 2011 announced a €245 million ($351 million) deal with two Chinese auto companies to distribute and manufacture Saab cars in China.
The nonbinding agreement with Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. is the latest attempt by Spyker to turn around the loss-making brand it bought from General Motors last year.
Under the deal, which needs regulatory approval, Youngman will invest €136 million for a 29.9 per cent interest in Spyker and stakes in two joint ventures being formed to distribute and make Saab cars in China.
In addition, Pang Da will increase its investment in Spyker to €109 million from a previously agreed €65 million to retain a 24 per cent stake in the company.
Spyker CEO Victor Muller said the new agreement “significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile,” which has struggled to pay suppliers in recent months, resulting in production stoppages at its plant in western Sweden.
“Both Pang Da and Youngman have demonstrated a similar entrepreneurial mindset as we have which we feel will be instrumental to establish Saab’s presence in China,” Muller said.
Shares in Spyker rose 25 per cent to €3.19 ($4.57) on the Amsterdam Stock Exchange after the announcement.
An entry into the Chinese market could help Spyker toward its goal to increase production to about 100,000 Saab cars a year, but so far the company has failed to meet targets. In 2010, Saab sold just under 32,000 cars, below its initial goal of 45,000.
Youngman CEO Pang Qingnian said his company had been in contact with Saab for some time to reach an agreement about manufacturing in China.
“We feel that Saab as a premium European brand appeals strongly to the taste and preferences of the Chinese customer who is looking for top quality vehicles with the highest levels of safety, driving pleasure and comfort and an unmistakable design language,” he said.
Analysts have cautioned that Saab — known in the west for its aerodynamic sedans — isn’t well-known in China. It’s also not clear whether the deal would get the necessary approvals in China.
A previous agreement between Spyker and Hawtai Motor Group fell apart amid regulatory issues.
The new three-way deal would set up a manufacturing joint venture in which Saab would own 45 per cent, Youngman 45 per cent and Pang Da 10 per cent.
Another joint venture would be formed for distribution, in which Youngman will own 33 per cent, Pang Da 34 per cent and Saab 33 per cent.
Spyker said talks to raise more cash by selling Saab’s property are still ongoing and it expects to make an announcement about that shortly.
Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC (June 13, 2011) Dominion Lending Centres Clearlease Reports Saab-owner Spyker Cars NV on Monday June 13, 2011 announced a €245 million ($351 million) deal with two Chinese auto companies to distribute and manufacture Saab cars in China.
The nonbinding agreement with Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. is the latest attempt by Spyker to turn around the loss-making brand it bought from General Motors last year.
Under the deal, which needs regulatory approval, Youngman will invest €136 million for a 29.9 per cent interest in Spyker and stakes in two joint ventures being formed to distribute and make Saab cars in China.
In addition, Pang Da will increase its investment in Spyker to €109 million from a previously agreed €65 million to retain a 24 per cent stake in the company.
Spyker CEO Victor Muller said the new agreement “significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile,” which has struggled to pay suppliers in recent months, resulting in production stoppages at its plant in western Sweden.
“Both Pang Da and Youngman have demonstrated a similar entrepreneurial mindset as we have which we feel will be instrumental to establish Saab’s presence in China,” Muller said.
Shares in Spyker rose 25 per cent to €3.19 ($4.57) on the Amsterdam Stock Exchange after the announcement.
An entry into the Chinese market could help Spyker toward its goal to increase production to about 100,000 Saab cars a year, but so far the company has failed to meet targets. In 2010, Saab sold just under 32,000 cars, below its initial goal of 45,000.
Youngman CEO Pang Qingnian said his company had been in contact with Saab for some time to reach an agreement about manufacturing in China.
“We feel that Saab as a premium European brand appeals strongly to the taste and preferences of the Chinese customer who is looking for top quality vehicles with the highest levels of safety, driving pleasure and comfort and an unmistakable design language,” he said.
Analysts have cautioned that Saab — known in the west for its aerodynamic sedans — isn’t well-known in China. It’s also not clear whether the deal would get the necessary approvals in China.
A previous agreement between Spyker and Hawtai Motor Group fell apart amid regulatory issues.
The new three-way deal would set up a manufacturing joint venture in which Saab would own 45 per cent, Youngman 45 per cent and Pang Da 10 per cent.
Another joint venture would be formed for distribution, in which Youngman will own 33 per cent, Pang Da 34 per cent and Saab 33 per cent.
Spyker said talks to raise more cash by selling Saab’s property are still ongoing and it expects to make an announcement about that shortly.
Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Saab signs $351 million manufacturing deal with China’s Youngman, Pang Da
VANCOUVER, BC (June 13, 2011) Dominion Lending Centres Clearlease Reports Saab-owner Spyker Cars NV on Monday June 13, 2011 announced a €245 million ($351 million) deal with two Chinese auto companies to distribute and manufacture Saab cars in China.
The nonbinding agreement with Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. is the latest attempt by Spyker to turn around the loss-making brand it bought from General Motors last year.
Under the deal, which needs regulatory approval, Youngman will invest €136 million for a 29.9 per cent interest in Spyker and stakes in two joint ventures being formed to distribute and make Saab cars in China.
In addition, Pang Da will increase its investment in Spyker to €109 million from a previously agreed €65 million to retain a 24 per cent stake in the company.
Spyker CEO Victor Muller said the new agreement “significantly strengthens Saab’s financial position and would secure the mid and long term financing of Saab Automobile,” which has struggled to pay suppliers in recent months, resulting in production stoppages at its plant in western Sweden.
“Both Pang Da and Youngman have demonstrated a similar entrepreneurial mindset as we have which we feel will be instrumental to establish Saab’s presence in China,” Muller said.
Shares in Spyker rose 25 per cent to €3.19 ($4.57) on the Amsterdam Stock Exchange after the announcement.
An entry into the Chinese market could help Spyker toward its goal to increase production to about 100,000 Saab cars a year, but so far the company has failed to meet targets. In 2010, Saab sold just under 32,000 cars, below its initial goal of 45,000.
Youngman CEO Pang Qingnian said his company had been in contact with Saab for some time to reach an agreement about manufacturing in China.
“We feel that Saab as a premium European brand appeals strongly to the taste and preferences of the Chinese customer who is looking for top quality vehicles with the highest levels of safety, driving pleasure and comfort and an unmistakable design language,” he said.
Analysts have cautioned that Saab — known in the west for its aerodynamic sedans — isn’t well-known in China. It’s also not clear whether the deal would get the necessary approvals in China.
A previous agreement between Spyker and Hawtai Motor Group fell apart amid regulatory issues.
The new three-way deal would set up a manufacturing joint venture in which Saab would own 45 per cent, Youngman 45 per cent and Pang Da 10 per cent.
Another joint venture would be formed for distribution, in which Youngman will own 33 per cent, Pang Da 34 per cent and Saab 33 per cent.
Spyker said talks to raise more cash by selling Saab’s property are still ongoing and it expects to make an announcement about that shortly.
Dominion Lending Centres Clearlease Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk