Spyker has been working furiously to secure funding to safeguard Saab's future and has struck a deal with Chinese firm Pang Da. When this deal is completed, Spyker says it will rename itself Swedish Automobile.
Pang Da is set to invest €30 million into Saab and the Chinese firm will sell the Swedish maker's cars in its showrooms throughout China.
On approval of the deal by the Chinese government, Pang Da is expected to invest a further €91 million in return for a 23 per cent stake in Saab.
However, the deal is far from finished as the Chinese government is thought to be wary of the agreement. It would rather consolidate its car industry, both domestic and the partnerships with foreign companies, rather than expanding at present.
Victor Muller, Chief Executive Officer of Spyker Cars and Saab, said: "Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal. I am very much looking forward to creating a strong business with Pang Da, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China. What needs to be pointed out is that Pang Da's advance payment and sales of imported Saab cars are not subject to approval from China's National Development and Reform Commission."