China's Youngman Out Of The Running For Saab: Report Photo:
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Peter Anderson | May, 28 2012 | 0 Comments

Negotiations between the administrators of bankrupt carmaker Saab and Chinese company Youngman have broken down, according to reports from Sweden this week.

Swedish paper Dagens Indsutri reports that sources close to the negotiating parties have confirmed concerns about Youngman's ability to complete the sale and whether the Chinese government would be prepared ratify it.

The focus of the administrators is now on India's Mahindra and China's Consortium of Electric Cars as suitors for the bankrupt Swedish carmaker.

The report added that the Chinese consortium - a battery manufacturer and a car company, and, in other reports, said to be connected to the giant BAIC - is now a favourite for the sale, with both Saab's administrators and the governments of China and Sweden leaning in that direction.

With funding coming from both Chinese government sources and overseas investments, the consortium is believed to have a business plan based on hybrids and electric cars, with a volume target of 100,000 vehicles.

The sale of the Saab brand was expected to be finalised toward the middle of this year, but the report's sources claim that a deal could be announced as soon as next week.

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