Saab Eyes Another Chinese Savior, Signs MoU with Pang Da Automobile Trade Co.

For the second time this month, and shortly after the break up in talks with the Hawtai Motor Group, Saab’s parent company Spyker Cars N.V. today announced that it has signed a Memorandum of Understanding (MoU) with a new Chinese company to provide fresh funds for the deeply troubled Swedish automaker. This time Spyker signed a tentative finance and import deal with Pang Da Automobile Trade Co., Ltd (Pang Da), said to be China’s largest publicly traded automobile distributor with over 1100 dealerships in the country. Read more »

Saab’s Deal with China’s Hawtai Motors Collapses, Future Once Again Uncertain

Another day, another deal gone sour for Saab and its parent company Spyker Cars N.V. Today, less than two weeks after Saab announced an agreement with China’s Hawtai Motor Group that would have invested €150 million (US$215 million) into the company in exchange for a 30% stake, Spyker said that the deal has fallen through raising new doubts about the Swedish brand’s future.

“Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect,” Spyker said in a statement.

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Saab Boss Victor Muller Hints at US and EU Distribution of China's Hawtai Cars, Says Buyers Won’t Care about Safety

The ink on the deal / partnership between Saab and China’s Hawtai Motor Group has barely dried, but the Swedish automaker's chairman and Spyker CEO, Victor Muller is already making headlines again by hinting at the distribution of cheap Chinese cars in the United States, Europe and elsewhere through Saab’s established global network.

"We laughed when the Japanese came. We laughed when the Koreans came. But we will not be laughing when the Chinese come. The Chinese are like a steamroller,” said Victor Muller, during a press event in Washington, D.C.

Muller said that if an agreement is reached with Hawtai, the Chinese maker could make use of Saab’s distribution network to sell its cars globally.

"It took 67 years to build up our dealer network. It is the biggest asset not on our asset sheet, and these guys buy into it for free. If they make the proper cars, can you image how much simpler it will be to push product through the distribution network that is already there? It is like a railway network that is already there," said Muller.

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VW to Launch New Luxury Sedan and EV Model in China

Lending even more evidence to China’s growing importance for automakers, Volkswagen is planning to develop two new bespoke vehicles, one with each of its partners in the Middle Kingdom, Autonews said in a report today. Shanghai Volkswagen Automotive Co., which is a joint venture between China’s SAIC Motor Co. and Volkswagen AG, will produce a new luxury sedan, while VW’s second joint venture in the country with the China FAW Group Corp., FAW-Volkswagen Automotive Co., will develop a dedicated electric vehicle for the partnership's newly launched Kali brand.

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Polk Gives us a Peak at Vehicle Density in Emerging Markets

According to Polk, an automotive statistics website, one of the key performance indicators of a maturing auto market is the number of cars per 1,000 people or the nation’s “vehicle density”. Ten years ago in the U.S., for instance, it was 453 vehicles per 1,000 people. What with the global financial crisis and high fuel prices resulting in many people selling their cars, this has now dropped to 419 per 1,000 and is expected to continue its decline to 414 per 1,000 by 2015.

In the increasingly economically developed BRIC countries, that is Brazil, Russia, India and China, it’s not as dense but it is emerging. In Russia, for example, it’s 235 vehicles per 1,000. In India and China, it’s more like 27 vehicles per 1,000. Though consider this: with populations topping 1.6 and 1.3 billion respectively, 27 vehicles per 1,000 would be more like 100 vehicles or plus per 1,000 if those nations had population numbers equaling the United States.

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Saab Details Partnership with China’s Hawtai Motor Group

In his attempt to save Saab- again, and after having secured short-term cash of €30 million (US$44.6 million), Spyker Car N.V. CEO Victor Muller’s next move was to sign a strategic partnership with China’s Hawtai Motor Group. Under the agreement, Saab will receive a €150 million (US$222.5 million) cash injection while the two companies will form joint ventures for manufacturing, technology and distribution.

As a part of the deal, China’s Hawtai will invest €120 million (US$178 million) for up to a maximum of a 29.9 percent equity stake in Spyker on a fully diluted basis. Τhe remaining €30 million will be in the form of a convertible loan agreement with a 6 month maturity, an interest rate of 7% per annum and a conversion price of €4.88 per share.

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Saab Announces Strategic Partnership with China’s Hawtai Motor Group, Secures New $30 Million Loan

Spyker Cars NV and Saab president Victor Muller is pulling all the strings to kick start the Swedish automaker back into life after the company hit a cash crunch and was forced to halt production last month as suppliers refused to send parts citing lack of payment.

After an earlier announcement on the involvement of Russian banker Vladimir Antonov, who plans to invest €30 million in Saab’s parent company Spyker in return for a 29.9 percent stake, Muller hit twice today revealing that the company has secured a €30 million convertible loan from Gemini Investment Fund Ltd, while also announcing a new partnership with China’s relatively unknown, Hawtai Motor Group.

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VIDEO: How Not to Take a Corner with a 14-Wheeler Truck

Vehicle accidents happen on the road everywhere and every day. However, some mishaps could be easily avoided if the person behind the wheel has his or her head screwed on the right way. For example, take a look at this video showing a 14-wheeler truck overturning on a busy road in Wenling City in eastern China's Zhejiang Province; this is not the way you are supposed to turn into a corner with such a heavy and long vehicle.

As you can see in the closed circuit TV footage that captured the incident as it happened, the driver of the lorry was apparently in a hurry to pass the traffic light and speeded through the crossroad only to overturn and drop the container on its side. According to media reports, officials said by-passers narrowly avoided being hit. Watch the clip right after the break.

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Spyker Cars Says Saab won’t Meet its Sales Target this Year, Now Talking with Chinese Companies for Funding

The roller coaster that is Saab has taken another turn, and unfortunately for the Swedish brand, the future doesn’t look so bright. In spite of a tentative agreement to let Russian banker Vladimir Antonov invest 30 million euros in Saab’s parent company Spyker in return for a 29.9 percent stake, the investment still needs to be approved by the European Investment Bank, which means the Swedes are still short on cash and cannot resume full production.

Today, Spyker reported a loss of €79 million before interest and tax for its first quarter earnings, while the company’s CEO, Victor Muller, said that Saab will not meet its sales target this year.

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VIDEO: Geely’s McCar Bundles Four Seats and a Scooter in a Mini Package

At the 2011 Shanghai Auto Show, Chinese automaker Geely displayed an interesting concept car called McCar, whose funny name reportedly stands for “Magic car” and “Motorcycle Car” , and has nothing to do with the famous chain of fast-food restaurants – unless you take into consideration the fact that there is a folding electric scooter sandwiched between the rear seats of the car… Read more »

Buick’s China Sales Surpass 3 Million Mark 12 Years After the Brand’s Debut

China with its massive emerging middle class is shaping up to be one of the important markets for General Motors. In fact, for one of the Detroit firm’s brands, China is actually its biggest market by far. We’re talking of course about Buick that has just surpassed the 3 million mark in Chinese sales since GM’s joint venture began offering the brand in the country in 1999.

Last year, Buick’s sales in China rose 23.0% to a new high of 550,010 vehicles. That’s compared to 155,289 deliveries (+51.9%) in the USA in 2010. Buick has more than 400 stores across China with the brand’s lineup comprising of several familiar models including the Regal, Enclave and La Crosse, as well as market-specific cars such as the Opel Astra-based Excelle XT, the new GL8 MPV, and the Holden Caprice-derived Park Avenue.

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Taiwan’s Luxgen Shows Off Neora EV Concept Sedan in Shanghai

Among the many world premieres hosted at the Auto Shanghai 2011 (April 21-28) is a new concept model for an all-electric sedan from Taiwanese automaker Luxgen. Called the Neora, the study is meant to demonstrate the firm’s technological prowess as well as to preview a future design language.

The plug-in four-door sedan concept is propelled by an electric motor with 180kW or 241-horsepower that drives the front wheels. According to Luxgen, the Neora tips the scales at 1,600 kg or 3,527 pounds and is capable of completing the 0-100km/h (62mph) sprint in just 6.5 seconds en route to a top speed of 250 km/h (155mph). The electric motor is fed through a 48 kWh lithium-ion battery set, which is said to offer a driving range of around 400 kilometers or 248 miles on a single charge.

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Volkswagen Group Mulls New Low Cost Brand for China

At last week’s Shanghai Auto Show 2011, the Volkswagen Group expanded its China portfolio with the official introduction of the Seat brand to the world’s largest car market. However, the German giant has more plans in store for China as the VW Group is considering the creation of a low cost brand to break through the country’s popular entry-level segment.

"We are currently evaluating with our partner First Auto Works whether we need to add a domestic brand to enter the low-cost portion of the Chinese market," said Soh Weiming, executive vice president of sales and marketing for VW Group China, at the Automotive News China Conference.

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Geely Drops Five New Models and One Concept Car at Shanghai Auto Show 2011

This past week saw many new production and concept cars making their world premiere at the increasingly important from a global point view, Shanghai Auto 2011. One of the most prominent brands of the show is Geely Auto, the Chinese automaker and owner of Volvo Cars, which displayed 37 vehicles along with its latest R&D achievements.

Headlining the Chinese automaker’s presence at the show is a hybrid concept vehicle called the McCAR and five new models that the company says will soon enter production and include the Gleagle GC6, Gleagle GX6, Gleagle GS-CC Coupe, Emgrand EC6-RV and Englon SC7-RV. Head over the jump for more details and photos.

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Bugatti Shows Off Two Bespoke Veyrons at Auto Shanghai 2011

Being one of the world’s most exclusive and expensive supercars, it’s not surprising that Bugatti offers Veyron buyers the chance to customize the 1,001HP-strong model to their exact specifications. To demonstrate the endless customization possibilities to its Asian clientele, Bugatti displayed a pair of special Veyrons at this week’s Auto Shanghai 2011.

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The Beautiful Ladies of the 2011 Shanghai Auto Show

Mixing exciting new automobiles, and attractive ladies is no new concept in the world of motor shows, but we for one, never get tired of it… Fortunately, for us, this week’s 2011 Shanghai Auto Show in China had plenty of both for our viewing pleasure boasting many new production and concept models as well as exotic beauties from the Far East.

Click through the jump to enjoy our high-resolution photo gallery of the lovely booth ladies of the Shanghai Auto Show, which runs from April 21 to April 28.

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Shanghai Auto Show: Nissan's 190HP Compact Sport Concept

Nissan unveiled a new design study called Compact Sport Concept at the Shanghai Auto Show. The prototype three-door hatchback is the work of Nissan's global design center in Japan and the brand's Beijing design studio in China. According to the Japanese automaker, the Compact Sport Concept is designed “for young customers in emerging countries”.

Despite the lack of information, it appears that the aggressively styled concept is loosely based on the Micra, as it borrows several elements from Nissan's supermini including the headlight and the two-part grille designs. The hot hatch sports a heavily-sculpted bodywork, with bulged wheel arches, massive bumpers and a windshield that wraps around the center part of the roof.

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Shanghai Auto Show: Hyundai Elantra Puts on a New Face for China

The Hyundai Group is now pointing its arrows to the world’s biggest auto market with the unveiling of two new models for China at this week’s 2011 Shanghai Auto Show, the Elantra Yuedong compact sedan and the mid-size Azera, which is badged as Grandeur in some markets.

If the Elantra Yuedong looks familiar, that’s because it is a facelifted version of the fourth generation model sold in the States until 2010. The most prominent change on the outside concerns the revised front that draws on the Azera’s styling.

According to Hyundai, the interior has also been upgraded with higher quality materials and new convenience and safety features such as a smart key / button start, front side airbag, Motor Driven Power Steering (MDPS), Navigation, USB2.0 port and eco-driving guide system.

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Shanghai Auto Show: New BMW M5 and 5-Series Plug-in Hybrid Concepts

At this week’s 2011 Shanghai Auto Show in China, BMW rolled out two concept versions of the current F10 5-Series, the M5 sport sedan and the LWB Plug-in Hybrid, both of which will enter production.

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All-New Nissan Tiida Unveiled at Shanghai Auto Show, Previews 2012 Versa in the U.S.

It won’t be long before Nissan takes the wraps of the North American market 2012 Versa, but the Japanese company offered us our first glimpse of the sub-compact model with the reveal of the new Tiida hatchback at the 2011 Shanghai Auto Show today. As some of you may already know, the Versa is sold in numerous markets around the world under the Tiida nameplate.

The new generation of Nissan’s best selling model sports a swoopier exterior design with some styling references to the pure-electric Leaf. The fluid theme is carried over to the interior with a floating center cluster. The Japanese company also promises improved passenger space thanks to the 100mm (3.9-in.) longer wheelbase.

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