aab Announces New 9-1, 9-6X and 9-7

Saab’s parent company Swedish Automobile NV said on Monday it converted the non-binding memorandum of understanding with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co into a final agreement. However, the deal is still subject to regulatory approval from Chinese and Swedish authorities as well as the European Investment Bank.
In addition to the above agreement, Saab announced the formation of a Sweden-based joint venture company between itself and Youngman called NPJV, which will focus on the development of three new product models.
According to the Swedish automaker, these include an entry-level 9-1 and two premium cars, named 9-6X (most likely an SUV because of the "X" designation) and 9-7 (presumably a 7-Series competitor) which didn’t feature in Saab’s original plans.
The NPJV will be 50 percent owned by Saab Automobile and 50 percent by Youngman Passenger Car.
“Within the development process of these three new vehicle lines, Saab Automobile will be responsible for controlling and managing the design, the development and testing process to the start of production and providing other necessary technical and quality control support,” Saab said in a statement.
The Swedes added that Youngman’s passenger car division will be “responsible for providing the necessary financial investments in the joint venture”. Saab did not say where these models will be built, but manufacturing will most likely take place in China.
Mr. Pang Qingnian, CEO of Youngman, commented: “The agreement on the New Product Joint Venture brings together the best of both worlds, merging the industrial and financial strength of Youngman Passenger Car with the state-of-the-art technical expertise of Saab Automobile. The Saab '9-6X' and Saab '9-7' will be key to enhancing the prestige of the Saab brand to an even larger group of customers in China and the US, while the entry level Saab '9-1' will appeal to urban motorists around the globe.”

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Bentley Defies Crisis with a 20% Increase in Sales

Crisis? What crisis? For you and me, perhaps, but not for Bentley buyers. The VW-owned British luxury carmaker announced today a 20% increase in global sales for the first half of 2011 with 2,978 cars delivered to customers, the best start for the company since 2008.
The luxury marque attributes this surge in sales to the high demand for the new Continental GTas well as the increasing popularity in (least we forget, communist…) China, where Bentley sales have risen by 57% compared to the same period last year, to 680 cars. Thus, it has become the manufacturer’s second best market, behind only the US (George Orwell's "Animal Farm", anyone?).
Not to be outdone by China, the capitalist West has contributed its fair, albeit smaller, share to Bentley’s rise. In Europe, sales have increased by 25% (494 cars) and in the USA by 23% (907 cars). Only in Japan, due to the recent catastrophic natural disasters, and the Middle East, where political unrest rules, have sales declined.
So, well done Bentley - and well done to all the fat cats out there, be they…capitalists or…communists, who are rapidly increasing in numbers each day.

PHOTO GALLERY

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VIDEO: China Opens World’s Longest Ocean Bridge Measuring 26 Miles

China opened today to the public not just one or two, but amazingly four of the world’s longest over-sea bridges. Three of the bridges are part of the Beijing-Shanghai High Speed Railway, which made its maiden trip today.
This project began in 2008, cost around US$33 billion and employed approximately 10,000 workers. It is expected to carry double the number of passengers than before (80 million versus approximately 40 million), whilst also reducing the time it takes to make the journey from 10 to less than 4 hours!
The Jiaozhou Bay bridge, which at 26.4 miles (42,4 km) is the world’s longest bridge over water and the sixth overall, connects the city of Qingdao to the suburban Huangdao over the other edge of the bay. It is two-tenths of a mile longer than the English Channel.
It appears that the Chinese, in their efforts to alleviate the congestion problems that plague their country, have really gotten used to making long bridges as 11 of the world’s 15 largest are located in China.

VIDEO

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Daimler Signs A Deal with BAIC US$2.87 billion

The picture may seem familiar: Chinese and German businesspersons on the same table signing some papers, while German Chancellor Dr. Angela Merkel, and Chinese Prime Minister Wen Jiabao, standing behind them with their country flags are floating in the background.
Only this time the Germans are Daimler’s executives, not Volkswagen’s, and the other signatory is BAIC (Beijing Automotive Industry Corporation).
The deal involves Daimler investing $2.87 billion (€2.0 billion) to expand its operations with BAIC, called Joint Venture Beijing Benz Automotive Co, Ltd.
"As early as 2020, at least one in five premium compact cars is expected to be sold in China," Daimler CEO Dieter Zetsche said. So it makes perfect sense for the company to expand its activities in the local market.”
This year, the GLK SUV will be added to Mercedes-Benz’s Chinese range and production of theC-Class and E-Class, which is currently 80,000 units per year, will increase according to demand.
In addition, from 2013 three new (yet unspecified) premium compact cars will be added to the luxury carmaker’s China market range. In the same year, a new engine factory with annual capacity of up to 250,000 units will produce 4-cylinder gasoline engines for the local market and a new R&D center will be established.

PHOTO GALLERY

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Chrysler Seeks Fiat Synergies to Start Cars Production In China

China is the world’s largest car market: last year alone, more than 18 million vehicles were sold there, of which 13.76 million were passenger cars. Furthermore, analysts McKinsey & Company predict that it will grow tenfold between 2005 and 2030.

Do you want to know Chrysler’s share in this massive car market? A measly 31,000 in 2010 and a projection for just 40,000 in 2011. Therefore, it is only natural that the American carmaker is looking for ways to increase its share in this rapidly expanding market.

Problem is, you just don’t walk into China and start building cars: “To find a partner, negotiate, get government approval, build a plant – that’s a long time” Mike Manley, head of Chrysler’s international operations told Reuters news.

But, according to Manley, Chrysler already has a way to get rid of all that fuss and make things happen quickly: “Fiat are already through that”.

Fiat Spa, who manages Chrysler and is sharing technologies and models, has since 2009 established a joint venture with GAC, the country’s sixth biggest carmaker, to build cars in China.

"If there's an opportunity for us in the same way as we've done with Fiat in terms of technology or using their distribution, our speed to market is going to be so much quicker," Manley said, adding that if Chrysler, or rather Jeep, wants to succeed in the competitive small SUV market, it would have to build them in China.

Jeep is already planning to launch the Compass and Grand Cherokee models in China, while Chrysler is examining the possibility of importing the 200 and 300 sedans from the United States.

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New Chinese Order Saab with a Temporary Lifeline

Maybe the future of Saab isn’t as dark as it looks, and the voluntary bankruptcy proposed by suppliers isn’t the only solution. Well, at least for now. That’s because the Swedish automaker announced today that an unnamed Chinese company place an order to buy 582 cars, with a total value of € 13 million.
The pre-payment is to be received this week, giving Saab a much needed funding to pay its workers and suppliers. This, however, is only a short-term lifeline for the ailing company and the efforts to secure funds that will guarantee the brand’s future and restart production, which has been halted again since June 8, are ongoing.

Victor Muller, CEO of Saab Automobile, said:

"I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees' wages before the end of this month. The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile. We very much regret the current cash shortage, which is causing undeserved hardship to all, and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon.”
“Mr. Vladimir Antonov's interest in participating as an investor/financier in Swedish Automobile remains unwavering, but he is still awaiting a decision on his clearance from parties at interest following the Swedish National Debt Office (NDO) recommendation to clear him over 8 weeks ago. Once clearance has been obtained, Mr. Antonov can provide much needed financing and/or capital to Swedish Automobile/Saab Automobile at this critical time. We are pushing hard to obtain this vital clearance as soon as practically possible.”

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