According to The Detroit News, Chinese automaker Great Wall has made it clear that the company has not been in talks with Saab over a potential partnership. After word trickled down that a $233-million deal between the Swedish automaker's parent company, Spyker, and Hawtai Motor Group imploded, rumors of various other Chinese suitors have cropped up in a serious fashion.
Earlier this morning came word that Saab's deal with Chinese automaker Hawtai had fallen apart. While in discussions with Hawtai, parent company Spyker was evidently also talking with another automaker located in China – Great Wall Motors. According to Reuters, those talks have apparently never ended, and, in light of today's news, we're going to speculate that it's time to escalate the discussion or officially turn off the lights at Saab assembly plants.
This is very bad. Remember the deal between Hawtai Motors and Saab? Collapsed. According to The Detroit News, the deal, which involved a 29.9 percent stake in Saab in exchange for $172 million, fell apart early Thursday morning. The problem was reportedly that Hawtai wasn't able to obtain all the stakeholder consent needed, forcing the Chinese automaker to terminate the pact. Saab and Hawtai are reportedly continuing to work on resurrecting a deal, but the Swedish automaker has said in a stateme
Saab has been in the news quite a bit lately, and mostly for the wrong reasons. But now that the Swedish automaker appears to have secured loans and buy-in from Hawtai Motors in China, Victor Muller and company are looking to go on the offensive.
So far in 2011, Saab has been riding a ragged roller-coaster filled with major ups and downs. Just recently, however, things have been trending more positively. Saab inked a deal with Chinese automaker Hawtai that will pump in millions of dollars, and open up major inroads to the vastly expanding auto industry in China. The Swedish automaker is understandably excited by this new deal, and has decided to embark on a global tour to highlight its new partnerships.
Swedish automaker Saab has officially confirmed that the company has sold up to a 29.9 percent equity share to Chinese automaker Hawtai Motor Group Company Limited. The €150 million deal includes a €120 million subscription deal for 24.6 million shares of Saab, as well as a €30 million convertible loan. The deal still needs approval from various Chinese and European agencies, including the European Investment Bank and the Swedish National Debt Office. According to Saab, if finaliz
Volvo no longer stands alone as the only Swedish automaker with a Chinese partnership. According to Autoblog.nl, Saab and The People's Republic's Hawtai are reportedly set to announce that the two companies have joined forces. Hawtai, formerly Hautai, is likely best known on this side of the globe for strutting a logo that could have been the bastard child of the BMW roundel and the Microsoft window. At this point, it's unclear exactly what each automaker hopes to gain from the alliance, though