Chinese distributor buys into Spyker - and brings cash to restart production
16 May 2011

Saab’s plans for getting its Swedish production lines moving and restarting development appear to be back on track, after the firm signed a fresh deal with a Chinese investor.

The Swedish brand, whose Trolhattan factory has been silent for over a month because of debts to suppliers, lost one potential investor last week when a deal with car manufacturer Hawtai was “terminated”.

Read about Saab's "terminated" Hawtai deal

But Saab’s owner, Spyker, has today announced a fresh agreement with Chinese vehicle distributor Pang Da. The firm will buy Saab cars worth ¤45 million (£39m) and buy a 25 per cent stake in Spyker with a further ¤65m (£57m).

The new deal — which will “secure Saab’s medium-term funding”, according to Spyker — includes a 50/50 sales company and a 50/50 manufacturing venture that will spawn a ‘child brand’ unique to China.

Pang Da has more than 1100 dealerships in China, selling brands such as Mercedes, Audi, Honda and VW. The firm is said to be cash rich after its recent flotation in China — although its share price fell by almost a quarter on its debut.

See all the latest Saab reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • BMW i3s
    Car review
    20 March 2018
    Revised hatchback sets out its range-extended electric stall in a new, sportier tune
  • BMW X2
    This is the new BMW X2
    First Drive
    20 March 2018
    Doesn’t deliver many typical crossover selling points but looks perky, handles keenly and is well capable of winning over your latent cynic
  • First Drive
    20 March 2018
    The newest version of Rolls-Royce's flagship model sets new standards for opulence and luxury whether you're driving it or being driven in it
  • Used BMW M135i
    First Drive
    20 March 2018
    We have bought a used BMW M135i to see how far we can improve this rear-wheel-drive hot hatch
  • Mercedes-Benz E-Class Estate
    First Drive
    19 March 2018
    The Mercedes-Benz E-Class could be all the estate car you’ll ever want — or it could be overkill. Let’s see which...