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Spyker Cars to be renamed Swedish Automobile N.V.

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By on May 25th, 2011

Spyker Cars and Saab Automobile have confirmed that Pang Da Automobile (Pang Da) has entered procedure discussions with Chinese authorities, including the National Development and Reform Commission, to obtain regulatory approvals for the investment in Spyker Cars and Saab Automobile.

Part of the investment is also a new name. Spyker Cars is to be renamed Swedish Automobile N.V. shortly.

Victor Muller, CEO of Spyker Cars and Saab Automobile, said:
“Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal. I am very much looking forward to creating a strong business with Pang Da, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China. What needs to be pointed out is that Pang Da’s advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday.”

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