Spyker sells stake to Chinese car maker to restart Saab factory
The owner of troubled Swedish car manufacturer Saab has sold a 30 percent stake to Chinese car maker Hawtai to get the firm's production lines moving once again.
Saab's factories have been stopped for almost a month as cash flow dried up and suppliers were left unpaid.
The new deal sees Saab owner Spyker getting £134m for the slice it has sold as well as a £26.7m loan from the Chinese company.
Saab also announced yesterday that it had secured a £53m loan from the Gemini Investment Fund in order to get its Trolhattan factory back online.
The Swedish manufacturer's new 9-5 model, launched last year, has been well-received by journalists but will no doubt suffer from the adverse publicity around the company's money troubles.
Hawtai sold 80,000 cars in China last year and is known mainly for its SUVs via a deal with Hyundai which expired last year.
The deal will benefit both manufacturers, providing Hawtai with a supply of proven platforms to build its own cars on and Saab a door into the lucrative Chinese market.
The money should finally provide Saab with the money it needs to finish its massively overdue 9-3 replacement.
Saab is expected to be in a position to recommence production within the next week.