Saab’s parent company Swedish Automobile NV said on Monday it converted the non-binding memorandum of understanding with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co into a final agreement. However, the deal is still subject to regulatory approval from Chinese and Swedish authorities as well as the European Investment Bank.
In addition to the above agreement, Saab announced the formation of a Sweden-based joint venture company between itself and Youngman called NPJV, which will focus on the development of three new product models.
