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Friday, October 7, 2011

China's Geely, Owner of Volvo, Denies Interest in Buying Saab


Saab is in a crisis indeed. One day it is rescued, and the next it is on the brink of destruction. And this has been happening over and over again, like an automotive version of The Groundhog Day.

Yesterday we reported that Saab has not yet received the funds promised by Pang Da and Youngman as a bridge loan to keep the Swedish carmaker in business until the deal is approved by Chinese authorities.

Today, Swedish newspaper Dagens Nyheter published an article claiming that another Chinese automaker, Geely Automobile, which bought Volvo from Ford in 2010, is interested in acquiring Saab as well.

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