Spyker is on a Chinese money hunt, and it appears the automaker may have found a partner willing to pony up the cash. Pang Da, a Chinese automobile distribution company, had recently entered into a memorandum of understanding with Spyker. Now, Spyker is set to rename itself Swedish Automobile N.V., and the Saab-owner believes Chinese authorities will give the green light for this deal to proceed.

According to Saab CEO Victor Muller, a very important portion of the deal has already gone through; a cash infusion of €30 million ($42M USD). Muller states that "Pang Da's advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday."

Bloomberg reports that the rest of the deal may not move forward so easily. According to analysts in China, the country's government is unlikely to allow Pang Da's purchase of a stake in Swedish Automobile N.V. because the nation is working to consolidate its auto industry, not expand it.

If approved, however, Pang Da will spend $91 million and receive a 23 percent share of the automaker's business. Despite the negative view of Chinese analysts, Pang Da says it remains confident the transaction will be approved.
Show full PR text
PANG DA ENTERS PROCEDURE DISCUSSIONS WITH CHINESE AUTHORITIES TO OBTAIN NECESSARY REGULATORY APPROVALS FOR INVESTMENT IN SPYKER CARS AND SAAB AUTOMOBILE

Zeewolde, The Netherlands, 23 May 2011 - Spyker Cars N.V. (Spyker Cars) and Saab Automobile AB (Saab Automobile) confirm that Pang Da Automobile (Pang Da) has entered procedure discussions with Chinese authorities, including the National Development and Reform Commission (NDRC), to obtain regulatory approvals for the investment in Spyker Cars and Saab Automobile.

Spyker Cars is to be renamed Swedish Automobile N.V. shortly. The general meeting of shareholders has decided so.

Victor Muller, CEO of Spyker Cars and Saab Automobile, said:

"Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal. I am very much looking forward to creating a strong business with Pang Da, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China. What needs to be pointed out is that Pang Da's advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday."


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 7 Comments
      jbm0866
      • 3 Years Ago
      The Spyker name dates back to the late 19th century....do they think changing the name to something generic will make Chinese companies loosen their wallets? Of course most of us outside of Sweden had never heard of Spyker before the 21st century since the original company folded in the 1920's iirc..
      WillieD
      • 3 Years Ago
      No! Spyker is a cool name, don't rename it into something boring and forgettable. Plus, you lose all the momentum that the Spyker name has.
      Froggy
      • 3 Years Ago
      Translation: Goodbye SAAB and thanks GM for initially ruining the uniquely Swedish brand even before the market crash. In 5 years SAAB will likely be part of automotive history, but no longer a car company. :(
        curiousxxxgeorge
        • 3 Years Ago
        @Froggy
        If it wasn't for GM, SAAB would have been gone a long time ago. Yes, GM made SAAB's bland vehicles, but SAAB was struggling well before GM was in the picture. How do you think GM was able to purchase SAAB in the first place?
      MechE
      • 3 Years Ago
      To get a deal with the Chinese you must have a non-inspiring non-automotive sounding brand name.
      • 3 Years Ago
      [blocked]
      thofstee
      • 3 Years Ago
      They are about to sell Spyker to Vladimir Antonov, so there's no reason to keep the name.