CHINESE auto company Youngman has quit the negotiations on purchasing Swedish car maker Saab with its bankruptcy administrators, Swedish newspaper Daily Industry reported yesterday.

According to a source, Saab's bankruptcy administrators were not sure if the bid would be ratified by the Chinese government, and their lack of confidence led to the end of Youngman's interest.

Meanwhile, talks with China's Consortium of Electronic Cars, which aimed to produce more than 100,000 hybrid cars within a year, have become the focus of the bankruptcy administrators, the newspaper said.

The consortium reportedly comprised a battery company and a car firm said to be BAIC which had earlier bought the Saab 9-3 electronic platform.

Source:shanghaidaily.com