P&A Providers & Administrators
MenuMENU
SearchSEARCH

Saab Secures $44 Million and Plans Partnership With Hawtai Motor Group

May 2, 2011
2 min to read


While awaiting the financial package that would ensure its continued existence, Saab received an infusion of capital that put the Swedish automaker closer to restarting production, which has been idle for nearly four weeks.


Spyker Cars NV, the Dutch company that rescued Saab in January 2010 out of liquidation by General Motors, announced Monday that it secured a loan from Gemini, an investment fund, worth 30 million euros, or about $44 million. Later in the day, brand representatives announced they expected to sign a strategic partnership with the Hawtai Motor Group, a Chinese passenger-car brand, on Wednesday, reported The New York Times.

Ad Loading...


“I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks,” said Victor Muller, the Saab chairman, in a statement on Monday. “We will do everything in our power to restore the confidence in our company as soon as practically possible.”


According to a report by Automotive News Europe, a further 29.1 million euros are needed for Saab to restart production. Those funds are being sought from the European Investment Bank.


Last week, Mr. Muller reportedly held meetings with three Chinese passenger-car brands: Great Wall Motor, China Youngman Automobile Group and Jiangsu Yueda Group.


However, on Monday afternoon, Saab representatives announced that the brand would hold a joint news conference on Wednesday with the Hawtai Motor Group to announce a strategic partnership. The nature of the agreement has not been announced.


During an interview at the New York auto show last month, Mr. Muller said that Saab was poised to make a sales impact, particularly in the United States, once it received the requisite liquidity. For now, production of new models like its 9-4 crossover and 9-5 SportCombi remains in limbo.

More Industry

Line of like-new vehicles in outdoor lot
Industry•by Hannah Mitchell•November 3, 2026

CPO Sales Could Take Off in the Right Conditions

A recent Cox Automotive consumer survey reveals the size of an undertapped market for the vehicle segment given affordability pressures.

Read More →
Small black toy car on top of a map.
Industry•by Lauren Lawrence•November 3, 2026

Global Consumer Trends Diverge

Price remains a top consideration for U.S. car buyers, and they are the most brand-loyal consumers to established automakers, according to a new survey.

Read More →
Two men and one woman standing in front of blue walled Chevrolet dealership entrance.
Industry•by Hannah Mitchell•October 27, 2026

Badger State Dealership Gets New Owner

The longtime southern Wisconsin store moved from one area auto group to another, keeping the business in Dairyland.

Read More →
Ad Loading...
Two hands, one handing off set of keys to the other.
Industry•by Lauren Lawrence•October 27, 2026

The Cycle of Negative Equity

Third-quarter data shows consumers still rolling over debt and stretching loan terms, raising their risk of remaining underwater.

Read More →
Orange electric vehicle charging station.
Industry•by Lauren Lawrence•October 20, 2026

Charger Network Growth Slows

Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.

Read More →
Fan of $100 bills atop a white envelope
Industry•by Hannah Mitchell•October 13, 2026

Lenders, Consumers Take on More Auto Loan Risk

September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.

Read More →
Ad Loading...
Red type R Honda civic parked on road.
Industry•by Lauren Lawrence•October 13, 2026

Next-Gen Hybrids in Sight

Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.

Read More →
Dodge ram emblem on orange vehicle exterior
Industry•by Hannah Mitchell•October 6, 2026

Gem State Stores Change Hands

A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.

Read More →
Graphic of model car driving on fake road.
Industry•by Lauren Lawrence•October 6, 2026

Charging In Motion

Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.

Read More →
Ad Loading...
front grill of a Ford truck with blue Ford emblem
Industry•by Lauren Lawrence•September 30, 2026

Twin Cities Stores Sell

Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.

Read More →