A couple of days ago, we reported that Saab was likely to be rescued by investors. Well, the deal is done. The Swedish automaker – and its Dutch owner, Spyker Cars – has confirmed a partnership deal with Hawtai Motor Group, which will see Saab getting funding worth 150 million Euro (US$222 million) and the Chinese automaker taking a 29.9% stake in Spyker.
The announcement follows the 30 million Euro short-term cash injection secured by Saab to restart production, which had been halted since the beginning of April due to a dispute with suppliers over the company’s ability to pay its bills.
Spyker said in a press release that the deal includes financing in the form of subscription agreements to the amount of 150 million Euros as well as a strategic alliance for China including joint ventures in manufacturing, technology and distribution.
“With Hawtai’s clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship,” Spyker’s CEO Victor Muller said in a statement.
Hawtai, which was founded in 2000, is a Shandong-based company with two production facilities located in Ordos, Inner Mongolia and Rongcheng in Shandong. The company, which formerly had a JV partnership with Hyundai, currently has an annual production capacity of 350,000 vehicles, 300,000 clean diesel engines and 450,000 automatic transmissions.
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Hawtai? I thought it was Hwatai the biscuit maker at first. lol
Good for Saab!
You guys should google what cars Hawtai makes..
1st i log in to Hawtai website….. i saw bently, bm 5 series, n camry…….
really? that’s odd…. all i saw was Luxury, Dlite, Always, Salam…. http://www.hwatai.com/about.html
Misleading website is misleading.. :-P
wow… a big company indeed…
In China standards, it’s not big.
well , looks like CHINA is saving businesses everywhere in the world…
CHINESE ARE THE NEW RULERS :)
China wanted to buy some international banks to save them but that met with a lot of opposition. :)
How about M’sia to buy them, would it be approved?
This will definitely end well with the help of Hawtai, good news for Saab fans and Chinese consumers, yet you proton lovers will cry
Run out of cash? Then your first port of call has to be the Chinese.