SPYKER has announced Saab has sold shares to Chinese motor group Hawtai to secure its long-term future.
The Chinese motor group will invest €150m in the Swedish brand in return for shares.
The deal will see the re-commencing of production and will allow Saab to pay of outstanding debts.
Of the €150m, Hawtai will pay €120m for a 29.9 per cent stake in Saab, with the remaining €30m set aside for a convertible loan.
Spyker’s chief executive, Victor Muller, said in a statement: ‘The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required midterm 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.’
‘This is a great day for our relatively young company which was founded ten years ago. The partnership with the iconic Saab brand will give us access to innovative technologies and an international network which would have taken us decades to build,’ said Richard Zhang, vice president of Hawtai.