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

Saab negotiating with Great Wall Motor and a third Chinese company interested

Updated with info about Spyker's and Saab's presence in China

Earlier today we got to know that the deal between Saab and Hawtai has been terminated. This means that Saab and parent company Spyker Cars once again need to search for a solution to the cash crunch which Saab is in. The solution might still be with a Chinese car manufacturer.

According to Dagens Industri, Spyker and Saab is still negotiating with Great Wall Motor. This according to sources within Great Wall. Reuters reports that the source within Great Wall said that Saab and Great Wall have been in contact even after the announcement of the deal between Saab and Hawtai, which eventually fell through. According to Automotive News, the source familiar with the discussions between Saab and Great Wall Motor said the following about a possible partnership with Saab:

"It could be mutually beneficial if Great Wall and Spyker team up eventually. The Chinese partner has the cash that Spyker needs, while Saab's technologies and its network in Europe are valuable for the Chinese side."

According to Gunilla Gustavs at Saab, the deal with Hawtai collapsed because there was some part of the deal that would not be approved by a stakeholder.

To Dagens Industri Gustavs continued by saying that some people from Spyker and Saab are presently in China negotiating with possible new partners. But she would not identify the Chinese companies.

TTELA reports that Gunnar Brunius, Vice President Purchasing & Manufacturing, says that Victor Muller is now in China and Brunius believes there will be a solution presented shortly.

The previously proposed property deal between Saab and the Russian banker Vladimir Antonov's Convers Group may now once again be a possible solution to raise money. A spokesman of Russian banker Vladimir Antonov said that he is still interested in investing in Saab. A decision from the European Investment Bank whether they approve Antonov as part owner or not, is expected in the near future.

At the same time BAIC may also still be interested in a deal with. As well as a third unidentified Chinese company, according to SvD.

I will remind all my readers that Victor Muller is a genius when it comes to finding funds, and I am sure he has a great team working around the clock to find a solution. So do not lose hope!