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Saab gets Chinese funding

Swedish car firm receives major boost with huge investment from Hawtai.

Saab 9-5

03rd May 2011

Troubled Swedish car maker Saab has received a lifeline from China. The firm, which makes the 9-3 and 9-5, has secured fresh investment from Beijing-based Hawtai, allowing it to restart production at its Trollhattan factory.

The deal sees Hawtai invest around £134m in Saab's owners, Spyker, taking up to a 29.9 per cent equity stake in the company. Hawtai will also give Spyker a £26.7m loan.

As well as helping to restart production at Trollhattan, the move should mean Saab can now start selling cars in China - a vital new market for the firm.

“The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer," said Spyker CEO Victor Muller.

“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.”

Hawtai will share technology with Saab and is also expected to take advantage of Saab's European dealership network. In China, the firm produced 80,000 Hyundai-based SUVs, but has plans to increase car, engine and transmission production to 1m units by 2015.

in addition to Chinese investment, Spyker has gained another £53m via Russian businessman Vladimir Antonov.


 

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3 Comments

i would love to drive and own a SAAB, like the really cool name but sadly can't say the same for the cars. their interior are horrible and lack character. it seems they are trying to compete against the likes of Golf's, Seat and Ford but even the underdog Skoda's has better class interior.they can do better. they need to go back to the drawing board and change this chrome infested design they currently have going. SAAB sounds like a car with simple razor sharp straight smooth design, no silly creases or curves, even buttons in interior should spell aero inspired approach - strong and soft to the touch, and overall interior should be simple layout and sharp to the point. can see them easily take on bigger competitor models. SAAB can then work on their engines rather than supply them from GM.

By corsamani on 5 May, 2011, 8:49am

Um no.

Actually, to SAAB's credit - it was the other way around. When you look at their interiors in the 1980s and compare them to the block interiors of Ford, GM and VW, Saab was quite ingenious back then. GM haven't been good for Saab and the company have always been premium offering style, good build quality and safety - all of the three aspects that current car companies like SKODA have copied.

By volvofan on 5 May, 2011, 11:59am

STOP STOP STOP! It's not an aeroplane!!!

I wish people would stop trying to link SAAB's current cars with aviation. Nothing on the cars has anything to do with a SAAB Vigen or any other plane for that matter. The company parted 21 years ago from the aviation group and the current cars were based on Vauxhall floorpans from GM.

This is like making a comparison to Rolls Royce who make turbofan engines or Lamborghini and Aston Martin who started by making tractor parts.

Get a life - it's not an aeroplane!

By craiglife on 6 May, 2011, 10:14am

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