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Saab stake to be sold to China's Hawtai

Saab stake to be sold to China's Hawtai
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Saab’s owner Spyker is selling 30 percent of the Swedish marque to Chinese car maker Hawtai for 120 million euros. The Chinese will also loan Spyker 30 million euros.

The cash injection could mean that loss-making Saab will be able to restart production which was halted in early April after suppliers stopped deliveries because they had not been paid. However the deal still needs Chinese government approval.

Spyker has also lined up Russian businessman Vladimir Antonov to put in money.

The 60-year-old Swedish brand was heading for the history books when Spyker rescued it from closure by former owner General Motors early last year. But a shortfall in 2010 sales meant Saab hit a cash crunch, running up bills to suppliers.

Saab’s sales target was 80,000 vehicles for this year and 120,000 for the following year, but last week the Swedish company said it would fail to meet those goals.

“Saab Automobile aims to restart production within a week, pending agreements on delivery schedules with its suppliers,” Spyker said in a statement.

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