Saab could emerge from ashes as Zhejiang Youngman Group and a Turkish equity show interest in the firm
Looks like there is good news for Saab! About a month ago, the Zhejiang Youngman, which is a china based company almost cancelled its plan on Saab buying negotiations as GM went in opposition to grant the Youngman Company the rational property, which was actually developed when General Motors owned Saab. But, when Zhejiang Youngman called off the Saab buy, the firm bought the PhoeniX architecture that Saab was working on for the new Saab 9-3. The initial plan by the Zhejiang Youngman Group was to use PhoeniX platform to commence a brand new car firm, which is not based in Sweden.
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The Youngman Group is planning to invest about $731 million in Saab to create a whole new range of models devoid of using the technology that General Motors won’t license it with. Therefore, Saab might just make a comeback and start manufacturing cars if the talks with the Swedish government executives with the Youngman group comes out well. This new agreement if it goes well, it will facilitate the Youngman group to manufacture Saab cars and sell them in Chinese as well as Swedish car markets. As the Chinese market is the most developed one, this could give Saab enough opportunities to get back its glory and charm that it had in its previous days.
Another major development is the flourishing Turkish equity firm known as Brightwell Holdings, which is now in talks with the Saab’s executives for promising bids. If all goes well in terms of bid, the Turkish Equity firm will analyze the assets of the Saab to take up the final decision. Hence, in the next 2 weeks, the Turkish Equity firm will be busy analyzing stuff to take a final decision for the bidding for Saab. On the other hand, the Zhejiang Youngman is likely to submit their bid by next week.
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