Chinese distributor Pang Da has brought forward a further investment of EUR15m (US$21.6m) in Saab by 17 days following a visit by the Tangshan City-based CEO last week.
Pang Da originally made a cash injection of EUR30m for a 1,300 vehicle order from Saab, but the latest – and advanced – tranche – is payment for another 630 cars.
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Saab estimated the money will be banked this week with vehicle delivery this autumn.
“It is confirmation the visit by [CEO] Pang Qinghua went well,” a Saab spokeswoman in Sweden told just-auto. “It was going to be EUR30m then EUR15m and then with the equity stake in Spyker further down the line, so this is part two of what was planned.
“But of course had the visit not gone well, we would have been looking at a different arrangement. They liked what they saw and believe in the cars.”
Following resumption of production at Saab’s Trollhattan factory last Friday (27 May) after a halt of several weeks due to supplier payment issues, the automaker said it was building roughly 200 vehicles a day.
That represents a doubling of production from last week’s initial run of 100 cars, with the normal threshold at the plant some 230 a day.
“Our visit to Trollhättan last week has further strengthened our belief that we made the right decision in entering a partnership with Spyker and Saab Automobile,” said Pang.
“This additional order is the result of my firm conviction that Saab has the right product programme for the Chinese market and our large distribution network will be an important asset in unlocking the potential of the brand.”
Saab CEO Victor Muller also raised the possibility of production in China with an as-yet unnamed manufacturing partner.
