China saves Saab

China bails out Saab

Chinese automobile company Hawtai Motor Group strikes a deal to invest $223 million for a 30% stake in Saab.
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The state administration of auto builders?
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<div style="text-align: left;"> The state administration of auto builders? </div>

Hawtai Motor Group Company is set to buy up to 30% of Spyker Cars, the owner of the Saab business, for 150 million $223 million in a strategic alliance that gives the Chinese company access to Saab’s manufacturing, technology and distribution.

Hawtai is a Beijing-based privately owned automobile firm. It has been in business for more than a decade and has the capacity to build 350,000 vehicles, 300,000 clean-diesel engines and 450,000 automatic transmissions a year. From 2002 until 2010, it worked in partnership with Korea’s Hyundai to make vehicles for the Chinese market. It has a stated aim to become an exporter of clean-technology components and vehicles.

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