Chinese move in on Saab –
eventually
It has been a bit of a see-saw
month for troubled Swedish car maker Saab as China’s auto
manufacturers um-ed and ahh-ed about investing in the marque.
Go deeper with GlobalData
First to play their hand was the
independent Hawtai Motor Group which announced in early May that it
was shelling out €150m (£130m) to save Saab from collapse in return
for a 30% stake in Spyker, the brand’s owner.
This romance lasted
just over a week before Hawtai announced the agreement had been
terminated “through mutual agreement”.
The following day it seemed it
might all be back on again when Hawtai said it was still exploring
opportunities for a deal.
In the meantime, enter Pang Da
Automobile Trade, which put a stop to the shenanigans by stumping
up €65m for a 24% stake in Stryker, and buying €45m worth of
Saab-branded cars, resulting in a nice little surge in Pang’s share
price.
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By GlobalDataExpect more of this. According to
Hong Kong auto consultancy Dunne & Co’s president Michael
Dunne, Chinese car makers know they are unbeatable when it comes to
manufacturing “but they haven’t figured out the brand game
yet”.
Dunne continues, explaining that
Pang Da’s move is an example of Chinese companies acquiring
established brands that have decades of brand awareness behind
them.
More telling insight of what our
Chinese friends are up to is provided by Bill Russo, a senior
adviser at the unfortunately named global consultants Booz &
Co.
He expressed surprise at Pang Da’s
initiative because it doesn’t have any engineering or production
capacity, and all it seems to be offering on the surface is just
the cash.
Though you wouldn’t expect a
non-car manufacturer to be in the hunt, Russo explains, it just
goes to show the level of interest that the Chinese have for
foreign assets.
Last year, Zhejiang Geely bought
Volvo, the biggest acquisition so far by a Chinese car maker, while
General Motors’ and Volkswagen’s Chinese partner handed over half
abn dollars for a slightly-shy-of-one-percent stake in
Detroit-based GM.
Volkswagen FS staff to tackle
24 mountains
Some 18 members of staff from the
Milton Keynes offices of Volkswagen Financial Services (VWFS) and
Volkswagen Group will be taking on the 24 Peaks Challenge this July
this year, with the aim of raising £10,000 for the armed services
charity Remount.
The challenge is to walk up 24
peaks in the Lake District in 24 hours total walking time, with
each summit topping 2,400 feet.
The 24 Peaks challenge will be
undertaken over the weekend of the 9 July, with the team starting
at 5:30am on the Saturday. That day they will handle 10 peaks,
covering 17.5 miles, before turning in at 10pm.
Sunday will see an even earlier 5am
start time, and another 14 peaks to be covered over 14 miles. In
total the team will climb over 13,000 feet – more than half the
height of Everest.
Graham Wheeler, managing director
of Volkswagen Financial Services said, “The team at VWFS have a
history of raising money for charity – last year, 34 people cycled
in the London-to-Brighton bike ride, raising £16,000 for the
British Heart Foundation.
The three peaks challenge is well
documented, but here we are always trying to think bigger. The
route includes England’s highest mountain Scafell Pike, and
promises to be physically and mentally draining on all those taking
part.”
Remount is a charity which provides
help to Armed Forces personnel as they return to Civvie Street.
The aim of Remount is to provide
personnel of all ranks and status and their dependents with the
psychological tools to manage the change in cultures which takes
place when they resume civilian life and avoid illnesses such as
depression.
Remount chief executive and
ex-soldier Neville Barton said: “We are delighted that the team has
decided to support the Remount charity and wish them every
success.
“Our aim is to offer a handrail to
armed forces personnel trying to return to Civvie Street, and
having the support of Volkswagen Financial Services and Volkswagen
Group is invaluable.”
The team have already undertaken
training walks in the Peak District and Snowdonia to prepare for
the challenge.
To support the team, simply visit www.justgiving.com/VWFS24peaks.
