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.

Monday, May 2, 2011

Saab Automobile cooperating with Chinese Hawtai Motor Group

Updated with information from TTELA

Latest news is that Saab Automobile has reached an agreement with Chinese Hawtai Motor Group. At the moment it is unknown what this agreement means. A press conference will be held in Beijing tomorrow where Chairman of Saab Automobile AB Victor Muller and Richard Zang Vice President of Hawtai Motor Group will be present.

When asked by Swedish news agency TT how important this agreement is for Saab's future, Victor Muller said the following:
The agreement is very important. You will see. I will answer all questions tomorrow.
According to TTELA, the negotiations with Hawtai Motor started quite late in the funding process and as a result of four Chinese companies being interested in partnering with Saab, the deal increased in value for Saab. TTELA's sources mention that the deal could be worth around SEK 2 billion for Saab.

Here's what Saab's press release says:
Saab Automobile and Hawtai Motor Group invite journalists to attend a press conference on May 3, 2011, for the unveiling and signing of an exciting strategic partnership between both parties.
The press conference will take place at 14:30 Beijing time (08:30 CET) in the Jinmao Ballroom (3rd Floor) at The Westin Beijing Chaoyang, 7 North Dongsanhuan Road, Chaoyang District, Beijing, 100027 China.
During the press conference both Mr. Victor Muller, Chairman of Saab Automobile, and Mr. Richard Zhang, Vice President of Hawtai Motor Group, will address the media and be available for questions.