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”.
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.