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

First-Half Dealership Deals Up
Buy-sell activity shows that acquirers are looking for value and scale as many retailers seek to leave an increasingly competitive and complex market, Kerrigan Advisors reports.
Read More →
Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →