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.

Thursday, May 12, 2011

The deal between Saab and Hawtai is off

The roller coaster ride continues. Just now Spyker Cars has issued a press release stating that the agreement between Saab and Hawtai has been terminated. The two companies will continue discussions about a cooperation, but not an exclusive cooperation. Spyker Cars and Saab will now continue discussion with other Chinese car manufacturers about a partnership.

Work to secure short- and medium-term funding also continues. To see the press release, follow this link.

This is really bad news. We know that Saab has a very strained financial situation and the EUR 30 million from Gemini Investment Fund Ltd will not last long. The termination of the deal with Hawtai means that Saab now must restart the search for short- and medium-term funds. That can take days and weeks, and the question is how many days Saab has left.