schreef:
Pangda, partners to set up Saab JV in China this yr -execBEIJING | Thu May 19, 2011 4:37am EDTMay 19 (Reuters) - Pangda Automobile Trade Co , China's largest listed auto dealer, aims to set up a manufacturing venture with Spyker Cars and a partner in China this year and to start local production in two years, a Chinese executive said on Thursday.Pangda, which came to the rescue of Saab in a deal worth as much as 110 million euros ($156 million) last week, plans to open 50 sales outlets for Saab in China this year, Wang Yin, Pangda's board secretary told Reuters in a phone interview.
The annual China sales target for the Swedish brand is 10,000 imported units this year, depending on Saab's output level at home, Wang said.
Pangda has already sent 30 million euros to Saab, allowing it to repay suppliers and restart production soon, he added.
($1 = 0.707 euros) (Reporting by Fang Yan and Ken Wills)