IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, April 29, 2011

Updated: Saab in talks with three named Chinese car companies

Updated with the paragraph with info from Bloomberg and the one with info from Forexyard

According to Swedish Dagens Industri, Saab is in talks with Chinese Great Wall Motor Company. Great Wall Motor Company is listed on the Hong Kong Stock exchange and is best know for producing SUV's mainly for the Chinese market.

At the same time the Wall Street Journal reports that according to Dow Jones Newswire, Saab is in funding talks with three different Chinese companies, which are Great Wall Motor Company, China Youngman Automobile Group and Jiangsu Yueda Group.

In interim first quarter 2011 report published earlier today, Spyker Cars NV  confirmed that they are in discussion with several Chinese companies to fund Saab Automobile mid- and short-term.

Bloomberg now has more information about the talks with Chinese companies.  According to Bloomberg's sources, the negotiations with all three companies are progressing and a deal with one of the Chinese manufacturers should soon be finalized. The agreement could include an investment in Saab and a joint venture to build Saab cars in China.

According to Forexyard, a source has said that the negotiations are very far advanced and should produce results over the weekend. Victor Muller declined to comment on the three named companies, but said: "We are hopeful that these discussions will result in a solution very shortly so we can resume production."