Youngman admits to Swedish auto purchase plan

Hangzhou (CNS) -- The China Youngman Automobile Group will create an independent international brand if its purchase plan for Swedish Saab Automobile succeeds, Youngman's Chairman Pang Qingnian told CNS recently.

Pang is confident in that this high-functioning world-class car will enjoy keen popularity among Chinese consumers, though they currently know little about it.

The deal is also an opportunity to upgrade Youngman, especially its passenger car sector, thanks to the advanced technology Saab makers command.

Youngman, along with Pang Da Automobile Trade, signed a memorandum of understanding with their Swedish counterpart on October 31 of 2011, to jointly buy all Saab stock shares for 100 million Euros (about US$ 130.83 million).

A Swedish court approved Saab's bankruptcy application on December 19 of 2011, yet it was not until this year that Youngman revived the purchase plan for the high profile carmaker, according to a report by a Swedish newspaper on January 19th.