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BAIC paid Saab £125m for tech
24 December 2009
Chinese car maker BAIC has revealed it paid $200 million (£125m) for Saab technology, including he rights to three vehicle platforms and two engine technologies.
BAIC said the technology would accelerate the car maker's development, and kick-start a 33 billion yuan (£3bn) vehicle R&D project that will run over the next three years.
The Saab acquisition includes the intellectual property for Saab's 9-5 and 9-3 and some equipment to make them. Further details have not been made public.
"Someone has commented that the purchase of Saab's intellectual property can help cut short the development time for Beijing Auto's own-brand passenger vehicles by four to five years," said BAIC Chairman Xu Heyi. "We basically agree with the view."
BAIC will also launch two new models of its own-brand vehicles next year.
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