GM Spokesperson Says Company May Object to Change of Saab Ownership

Buddhism preaches that karma passes from one life to another in reincarnation and that the outcome is based on what deeds are done in previous lives.

Now, Saab must have a really bad karma. There’s really no other explanation for the constant problem that arise, preventing the ailing Swedish carmaker from finding peace in securing its existence.

This time it’s not the Chinese government, the creditors, the suppliers, the workers’ unions, the Swedish debt office or the court-appointed administrator. All of the aforementioned parties have given their approval. Instead, in a surprising move, it's the company's former owner and current preference shareholder, General Motors, that’s may try to block the sale to Pang Da and Youngman.

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Saab Deal Supported “In Principle” by Chinese Authorities

Last Friday, Swedish Automobile N.V. [Swan] signed a Memorandum of Understanding with Pang Da and Youngman for the sale of the Saab brand to the two Chinese companies.

A MoU, however, does not mean that the transaction is completed. Especially when the Chinese are involved: recently Subaru and Toyota were denied a new joint venture in the country by the local authorities, which have also been stalling on approving the previous Saab-Pang Da-Youngman deal that was signed back in July.

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Kia to Build Third Plant in China to Satisfy Increased Local Demand

Kia Motors announced today that it has signed a Memorandum of Understanding (MoU) with Dongfeng Yueda Kia for the construction of its third Chinese plant at Yancheng in the Jiangsu Province.

The new factory, which will have an annual capacity of 300,000 units and is expected to be operational in the second half of 2014, will boost Kia’s annual local production to 730,000 units in order to satisfy the dramatically increasing demand for its vehicles.

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Infiniti to Locate its New Global Headquarters in Hong Kong

In a somewhat surprising move, Nissan today announced that its Infiniti luxury brand would establish its new global headquarters in Hong Kong.

Nissan originally launched the Infiniti brand in 1989 exclusively for the North American market but has since expanded its marketing operations to include the Middle East, Russia, Europe, South East Asia and other regions.

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Saab Presents New Restructuring Plan to its Creditors

On Monday, Swedish Automobile presented the restructuring plan of Saab Automobile to the company's creditors at a preliminary meeting in Vanersborg, Sweden.

Saab’s management informed the creditors about the key points of the reorganization process, which has the support both of the administrators who are overseeing the process as well as future owners Pang Da and Youngman.

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China's Pang Da and Youngman Agree to Buy Saab for €100 million and Save it from Bankruptcy

Saab's parent company Swedish Automobile N.V. [Swan] said on Friday that it has agreed to sell the company to China's Pang Da and Youngman.

If the deal goes through, the Chinese will own Sweden’s car industry bar Koenigsegg as Volvo was sold to Geely in 2009 – admittedly at the much higher price of US$2 billion dollars than the €100 million (US$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.

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China's Youngman and Pang Da Say Saab Deal is Still On

Earlier this week, Saab announced that it was terminating the deal with Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., since their bridge loan that would help the Swedish automaker survive in the short term did not materialize in the agreed period.

Yet the two Chinese companies that provided only part of the €70 million (US$ 95.4 million) loan and which recently offered to buy 100% of Saab’s shares, say that the €240 million (US$340 million) July agreement is still on the table.

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Saab’s Groundhog Day: Chinese Want 100%, Original Deal is Off but Talks Will Continue

Not a day passes by without Some news from Saab. On Sunday, the parent company of Saab, Swedish Automobile N.V. (Swan), announced that, effective immediately, it terminates the subscription agreement of July 2011 with Pang Da and Youngman.

The Chinese companies were supposed to provide a bridge loan to help Saab proceed with the restructuring plan approved by the Swedish court. Ten days ago, the Swedish company announced that it received the first installment with the next expected on October 22.

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GM Sells More than 2 Million Vehicles in China for 2nd Year in a Row

General Motors has been the market leader in China for the past six years, selling cars under the Baojung, Buick, Cadillac, Chevrolet, Jiefang, Opel and Wuling brands.

On October 17, the Detroit maker it announced that it sold more than 2 million vehicles in the world’s largest car market since January 1st. This is the second consecutive year that GM manages to top the 2 million mark in China, only this time it achieved it a little earlier than 2010, when it happened on November 4.

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Saab Receives Funding from Spyker Buyer but not from Chinese Partners, Administrator Proposes to Terminate Reorganization

The dramatic Saab roller-coaster continues to painfully drag on with good and bad news for the brand. But let's take it in chronologically order.

This morning, Saab's parent company Swedish Automobile N.V. (Swan) said it has accepted new funding from U.S. private-equity group North Street Capital, which is interested in Spyker.

The equity firm is paying US$10 million for 2.39 million new shares Swan while also providing a further US$60 million as a loan that will be "collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO".

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Peugeot Launches New 308 Sedan in China [47 Photos]

French carmaker Peugeot has released its third new model into the Chinese market in the last eighteen months, the 308 compact sedan, which made its debut at the at the Chengdu Motor Show in mid-September this year.

Manufactured locally in cooperation with Peugeot's Chinese partner Dongfeng Motor Corporation, the new 308 Sedan joins the carmaker's extended offerings in the C-segment that also include the 307 and 408 saloons.

Peugeot said that with the new launch, it intends to strengthen its presence within the very competitive category, with a full year sales target of 60,000 units.

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Epic Launch Fail: $2.7 Million Luxury Boat from China Sinks as it Touches the Water…

Carscoop has as much to do about boats as these people have about building and/or launching them, nevertheless, a fail is a fail and we couldn't help ourselves from sharing this transportation-related epic flop that was caught on camera.

Named "SS Jiugang", the luxury vessel is a 17 million RMB (US$2.7 million) project financed by China's Jiugang Group and built by the Lanzhou Ministry of Transportation.

As with any maiden voyage, government and company officials organized a special event to roll out the boat into the Yellow River, complete with champagne bottles, fireworks and…plenty of cameras. You can only imagine what happened when the boat begun to sink as it touched the water…

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GM to Develop New Global Family of 1.0- to 1.5-liter Engines

General Motors has confirmed plans to bring a new global family of small displacement Ecotec engines to the market within the next three years.

The development program calls for the reduction of manufacturing complexity by consolidating three engine families into one and increasing the interchangeable global components.

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Saab Receives First Part of Youngman Loan, Expects the Rest by October 22

Another day, another episode in the Saab rescue saga. Fortunately for the company's workers, the news is good this time.

Swedish Automobile N.V., the owner of Saab, announced on Thursday that it has received the first payment of a €70 million bridging loan from its Chinese partner Youngman, adding that the reorganization is proceeding as planned.

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Saab Responds to Media Reports, Says Deal with Pang Da Still on

Responding to recent media reports, Saab's parent company Swedish Automobile N.V. [Swan] issued a short statement saying the investment deal with China's Pang Da Automobile is still on the table.

Pang Da Automobile had signed an agreement in July to buy a 53.9% stake in Swan for €245 million ($344.6 million), but Chinese regulators have not yet ratified the deal.

"Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."

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GM to Develop a Second Generation of the EN-V Concept with Chevrolet Logos

The next step in General Motors' electric future is the development of a second generation of its EN-V concept study that was introduced at last year's Shanghai World Expo in China, and which will enter a pilot program for testing.

The EN-V, which stands for Electric Networked-Vehicle, is an ultra-compact and futuristic-looking two-seater model that addresses the basic needs for transportation in today's mega-cities. The Detroit company said that all future concepts of the EN-V will carry a Chevrolet badge

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Delays in Chinese Loan May Spell the End for Saab

If it were a movie, it would have more sequels than Rocky, Rambo and Mission Impossible all combined together. However, it is not: it is the story of Saab’s survival.

And the latest chapter may very well turn to be the last. According to the Swedish newspaper Svenska Dagbladet, Guy Lofalk, the administrator appointed by the court to oversee Saab’s implementation of its restructuring plan, is ready to stop the process, remove the company’s protection from its creditors and, effectively, declare the carmaker bankrupt.

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Report: Jaguar and Land Rover to Build Cars in China in Partnership with Chery

What do you do when you are a luxury carmaker and sales aren’t going as well as expected? Simple: you invest in China, as despite the cooling car market, buyers continue to have an appetite for foreign luxury cars.

In July, we reported that Jaguar and Land Rover owner, Tata Motors, would invest heavily in the two brands in order to improve their sales, especially those of Jaguar, which are on a sharp decline.

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China’s JAC to Build New Car Factory in Brazil

Chinese automaker JAC Motors announced on Friday a new deal with its Brazilian operator SHC Group to build a new factory in Brazil's northeastern Bahia state, the company's first outside its home market.

JAC originally intended to invest US$600 million in building a plant in Brazil, but cancelled the project when the government increased taxes on cars with less than two-thirds domestic content, in its effort to protect local jobs.

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Slowing Demand in China Forces Luxury Carmakers Like BMW to Offer Big Incentives

China is the land of opportunity for any carmaker - but especially for, luxury brands that have been breaking one record after another. However, last year’s 18 million sales will most likely not be repeated in 2011, as the government has stopped its tax incentives and wants fewer, and less polluting, car on the country’s streets.

Not that sales are plummeting – on the contrary. It’s just that, according to J.D. Power, the increase in the luxury car segment this year is slowing down to 29%, compared to a 48% growth in 2010. And this despite the fact that overall car sales in China are expected to drop by 5% compared to 2010.

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