Saab secures 150 million euro investment from Hawtai
Chinese automobile manufacturer Hawtai has announced it will invest 150 million euro ($205 million) into Spyker Cars (owner of Saab) as part of a deal that will see the Chinese company take a 29.9 percent stake in the Swedish brand. The funds will help Saab restart production at its plant in Trolhattan, Sweden.
With the Chinese company now having some control over the direction of Saab, both companies will now focus on introducing the brand into Chinese markets. Victor Muller, Spkyer CEO, recently announced,
"The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, 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."
"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."
According to reports, Hawtai initially sought a deal with Saab for the potential access to technology sharing and automotive development. The Chinese company also sees Saab as a gateway to the European network. As part of the deal, Hawtai is providing a 30 million euro convertible loan on top of the 150 million euros.
To bolster the recovery even more, yesterday a Lithuanian investment fund and Russian businessman Vladimir Antonov, announced an investment deal of 60 million euros ($82 million) into Spyker Cars and Saab.
It sounds like Saab is well on the road to recovery now, with production at the Trolhattan plant expected to recommence sometime next week. The plant has been closed for the past month due to various outstanding supplier bills.
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