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It seems that Saab owner Spyker Cars was able to get a nice bit of breathing room from the Chinese carmaker Hawtai Motors with the embattled automaker into production due to lack of funds to pay the bills An investment up 222 million which will are called joint ventures in many fields and entered the Chinese automobile market.
MaxW 630 Saab has struggled to pay suppliers from exhausting their cash reserves and had no active production since April.
Saab owner Spyker Cars said Tuesday it has signed an agreement with China Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution The agreement will also allow 222 to 150 million euros of financing for Saab, which was forced to stop production because it can not pay suppliers' invoices.
Victor Muller, CEO Spyker and chairman of Saab, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.
We expect that the unique brand values of Saab, based on the aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market, Muller said in a statement.
Hawtai will invest 177 7 million for a maximum of 29 9 percent stake in Spyker The remaining 44 will be 4 million in the form of a convertible loan for a period of six months, an interest rate of 7 percent per annum and a conversion price of 7 23 with action.
Richard Zhang, vice president of Hawtai, said this is a great day for our relatively young company which was founded 10 years ago The partnership with the iconic Saab brand will give us access to innovative technologies and an international network which would have taken us decades to build.
Hawtai is a small private manufacturer of SUVs and buses set up in 2000 in the town of China Rongcheng In 2002 he started building the Terracan and Santa Fe SUVs under its own brand, using the licensed technology Hyundai.
In 2010, Hawtai sold 81.439 units of the two SUV models, according to J D Power The company began selling its own brand sedan last year.
The company has its headquarters and R & D center in Beijing, and manufacturing facilities in Ordos, Inner Mongolia and Rongcheng, Shandong Hawtai province has an annual production capacity of 350,000 vehicles, 300,000 clean diesel engines and 450,000 automatic transmissions .
His goal is to become a global leading automotive map in 2015 after increasing the capacity of 1 million vehicles, 1 million engines and 1 million automatic transmissions.
Muller said With clean diesel technology Hawtai and production capacity and its ambitious development programs, we found the ideal partner to develop the Saab business and build a solid relationship.
On Monday, Spyker said it aims to boost Saab production within a week after she got almost 88 € 9 million 60 million in short-term financing.
Spyker said it had obtained a 44 4 million convertible loan from Gemini Investment Fund, a shareholder of Spyker, said that Muller is owned by a Lithuanian businessman, and also make a withdrawal request the European investment Bank for 43 million 1.
Russian businessman Vladimir Antonov has also agreed to purchase Saab real estate and plant and lease it back in exchange for a 30 percent, but the case was delayed after the Bank European investment imposed terms with which Saab did not agree.
This seems to be an interesting case, which will make many Saab die-hard fans happy owners.
Whether it results do you think Will Saab will find rejuvenation of the hands of their new Chinese counterpart, or it will be only a temporary hold on the demise of the company.
Saab Gains Breathing Room with $ 222 million investment from Hawtai Motors Car Forums and, saab, breathing room.