Pangda CEO denies being invited by GM to negotiations regarding Saab

2011-12-27 from:From

Pang Qinghua, head of Pangda Automobile Trade Corporation, has come out and denied media allegations that General Motors had approached the company regarding Swedish manufacturer Saab, reported earlier this week. According to the reports, GM had invited Pangda and fellow domestic company Youngman to the US for negotiations regarding the future of Saab, but was later rebuked by the Chinese dealer network.
However, Mr. Pang confirmed reports that the companies had decided on Ordos City, Inner Mongolia as the new center for a Saab factory. City authorities would supposedly provide Youngman with a 35 million yuan ($5.51m) factory.
Mr. Pang added that negotiations with GM had failed to come to fruition.
According to the AFP, Saab officially filed for bankruptcy today.