Het navolgende persbericht werd vandaag aan ons aangeboden. Gezien de belangrijkheid en het even ontbreken van vertaal capaciteit, wordt het integraal in het Engels doorgegeven.

4 June 2011

Swedish Automobile, Saab Automobile, Pang Da And Youngman Convert Non-Binding MoU Into Binding Agreement And Agree On Additional New Product Joint Venture

Trollhättan, Sweden: Swedish Automobile N.V. (SWAN) and Saab Automobile AB (Saab Automobile) today announced the signing of a final agreement with Pang Da Automobile Trade Co., Ltd. and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), thereby converting the MoU announced on 13 June into a binding agreement. Moreover, Saab Automobile announced a conditional agreement with Zhejiang Youngman Passenger Car Group Co., Ltd. (Youngman Passenger Car) on the formation of a Sweden-based joint venture company, named YM-Saab 9-1-6-7 AB, for the development of three next-generation Saab models.

As communicated before, the now binding agreement between SWAN, Saab Automobile, Pang Da and Youngman includes an equity participation in the total aggregate amount of about EUR 245 million as well as a strategic alliance consisting of a tripartite distribution joint venture and a tripartite manufacturing joint venture for Saab-branded and child brand vehicles in China. The agreement is subject to approval from relevant authorities, which the parties expect to obtain within a few months.

The new product joint venture will be 50 percent owned by Saab Automobile and 50 percent by Youngman Passenger Car, and forms the foundation for an expansion of the Saab product portfolio with three models which until now were not part of Saab’s current and future product portfolio. As such, YM-Saab 9-1-6-7 will focus on developing three completely new Saab vehicles: a small city car (Saab 9-1), a large cross-over vehicle positioned above the Saab 9-4X (Saab 9-6X) and a large sedan positioned above the Saab 9-5 (Saab 9-7).

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. For this, Saab Automobile will source existing capabilities and expertise from its state-of-the-art Technical Development department. Youngman Passenger Car will be responsible for providing the necessary financial investments in the joint venture.

The agreement on YM-Saab 9-1-6-7 is subject to approval from relevant authorities, which SWAN, Saab Automobile and Youngman Passenger Car expect to obtain timely.

Victor Muller, CEO of SWAN and Saab Automobile said: "I am extremely pleased to announce the signing of a binding agreement with Pang Da and Youngman, as it underlines the confidence of all parties in a successful tripartite partnership. Establishing YM-Saab 9-1-6-7 is a major step for both Saab Automobile and Youngman Passenger Car and marks the start of an exciting partnership. This joint venture offers Saab Automobile the opportunity to develop models that were not funded in our original business plan: for instance, we will now be able to develop a small Saab, a car that has long been on top of our wish list."

Mr. Pang Qingnian, CEO of Youngman, added: “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 the Saab 9-7 will be instrumental in enhancing the prestige of the Saab brand to an even larger group of customers in China and the US, while the Saab 9-1 will appeal to urban motorists around the globe.”

Mr. Pang Qinghua, CEO of Pang Da, commented: “I am very happy to have signed a binding agreement with our partners, which further feeds my confidence in a successful future for Saab Automobile. We were already impressed with Saab’s current and planned product portfolio to date and with the addition of three new Saab models, the brand will be even better positioned to meet demand in markets around the world.”