Saab Details Partnership with China’s Hawtai Motor Group

In his attempt to save Saab- again, and after having secured short-term cash of €30 million (US$44.6 million), Spyker Car N.V. CEO Victor Muller’s next move was to sign a strategic partnership with China’s Hawtai Motor Group. Under the agreement, Saab will receive a €150 million (US$222.5 million) cash injection while the two companies will form joint ventures for manufacturing, technology and distribution.

As a part of the deal, China’s Hawtai will invest €120 million (US$178 million) for up to a maximum of a 29.9 percent equity stake in Spyker on a fully diluted basis. Τhe remaining €30 million will be in the form of a convertible loan agreement with a 6 month maturity, an interest rate of 7% per annum and a conversion price of €4.88 per share.

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Saab Announces Strategic Partnership with China’s Hawtai Motor Group, Secures New $30 Million Loan

Spyker Cars NV and Saab president Victor Muller is pulling all the strings to kick start the Swedish automaker back into life after the company hit a cash crunch and was forced to halt production last month as suppliers refused to send parts citing lack of payment.

After an earlier announcement on the involvement of Russian banker Vladimir Antonov, who plans to invest €30 million in Saab’s parent company Spyker in return for a 29.9 percent stake, Muller hit twice today revealing that the company has secured a €30 million convertible loan from Gemini Investment Fund Ltd, while also announcing a new partnership with China’s relatively unknown, Hawtai Motor Group.

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Spyker Cars Says Saab won’t Meet its Sales Target this Year, Now Talking with Chinese Companies for Funding

The roller coaster that is Saab has taken another turn, and unfortunately for the Swedish brand, the future doesn’t look so bright. In spite of a tentative agreement to let Russian banker Vladimir Antonov invest 30 million euros in Saab’s parent company Spyker in return for a 29.9 percent stake, the investment still needs to be approved by the European Investment Bank, which means the Swedes are still short on cash and cannot resume full production.

Today, Spyker reported a loss of €79 million before interest and tax for its first quarter earnings, while the company’s CEO, Victor Muller, said that Saab will not meet its sales target this year.

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Swedish Debt Office and GM Allow Antonov to Invest in Saab

It appears that Saab's hopes of survival continue to depend after all that happened on Vladimir Antonov, the Russian banker who was forced by GM to sell his initial shares in Spyker for the Saab sale to occur. Spyker today confirmed that the Swedish National Debt Office (NDO) allowed Antonov to become a major shareholder in Spyker Cars, Saab's parent company.

"This is a great day for our company and for me personally. We worked relentlessly for 11 months to achieve the desired result: restore the reputation of Vladimir Antonov, who made so many valuable contributions to Spyker since 2007 as financier and shareholder,” said Victor Muller, CEO of Spyker and chairman of Saab Automobile.

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2012 Saab 9-4X confirmed for LA debut in November

We've been expecting this announcement to come sooner or later, though we didn't exactly count on it coming from the LA Auto Show's own Twitter page. But there it is anyway, straight from the horse's mouth: "Saab has confirmed that the 9-4X Crossover will make its world debut at the LA Auto Show this Nov."

We're also expecting some sort of official word that the new crossover 'ute, which will share its Theta Premium underpinnings with the Cadillac SRX, should hit the market sometime in the spring of 2011... perhaps around April.

While we're on the subject of expectations, we'd also imagine that Saab will offer its premium crossover with the same powerplants as the recently released 9-5, which means we could see a 2.0-liter turbocharged four and a 2.8-liter turbocharged six, both likely mated with a six-speed automatic transmission and available all-wheel drive. We'll apparently find out for sure soon enough.


[Source: LA Auto Show's Twitter]

Beijing 2010: BAIC (Saab) C60 and C71 and swappable batteries

It didn't take long for Beijing Automotive Industries Company (BAIC) to start making use of the old 9-3 and 9-5 tooling it bought from Saab last fall. After grafting on a new nose and taillights, both have been reborn as the C60 and C71.

It's not clear what's propelling the regular versions of these two reworked Saabs, however, there was a second ex-9-5 on display dubbed the C71EV. That version had a battery pack inserted into the floor and featured what BAIC was labeling as a fast battery switch system (ala Better Place).

The sign next to car claims a 90-mile range, but we think that's highly optimistic given the size of the sedan and the comparatively small battery pack. Of course, that's assuming this is actually a functional car.