Saab's future looks more secure now it and new partner Spyker have agreed a deal worth €150 million. The new deal is also likely to see Saab cars built and sold in China.
As part of the deal, Hawtai will invest €120 million in exchange for a 29.9 per cent stake in Spyker, with the other €30 million as a loan. Victor Muller, CEO of Spyker and Chairman of Saab, said: "We expect that Saab's unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab's advanced designs, safety and responsible performance."
Hawtai is a privately owned Chinese car company based in Beijing and with three factories across China. It is noted for its clean diesel engines, which are likely to be used in Chinese-made Saab models.
Richard Zhang, Vice President of Hawtai, said: "This partnership with the iconic Saab brand will give us access to innovative technologies and an international network which would have taken us decades to build. Our participation with Spyker, Saab's parent company, demonstrates our commitment to the future of Saab Automobile as a premium European car manufacturer."