/Saab Partners With China’s Hawtai Motor

Saab Partners With China’s Hawtai Motor

saab logo at Saab Partners With Chinas Hawtai Motor

It’s a shame really. Every time Saab thinks they’re back on their feet, they fall to pits an have to start all over again. Now that Spyker failed to help the Swedish brand, they’re going to China in search of a better future.

They are negotiating a deal with Chinese Hawtai Motor Cars, a specialist in development, sales and export of vehicles and parts. They used to make cars for Hyundai under contract. The deal apparently will also help Spyker, who is also in trouble. So much so that they recently sold the entire supercar business to a British firm. Saab is also lookin for a big investment by the Russian financier Vladimir Antonov, who’s reportedly going to buy Saab’s plants and real estate and lease it back to Saab.

Further details on these subjects are yet to be revealed. Meanwhile Saab continues production as normal, thanks to a EUR 30 million convertible loan Spyker managed to get from Gemini Investment Fund Limited. The interest rate of the loan is 7% per annual and the conversion price is EUR 4.88 per share.

Victor Muller, CEO of Spyker and Chairman of Saab Automobile said: “I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks. We will do everything in our power to restore the confidence in our company as soon as practically possible.”

(Founder / Chief Editor / Journalist) – Arman is the original founder of Motorward.com, which he kept until August 2009. Currently Arman is our chief editor and is held responsible for a large part of the news we publish.