Report: Saab Finds New Chinese Partner

Report

Spyker Cars NV has reportedly signed a distribution deal with Chinese company Pang Da. Details are still coming out, but so far we know that Pang Da will invest $92 million for a 24 percent stake in Spyker. The two companies will then form a 50/50 joint venture for the distribution of Saabs in China. This is just the latest news in a saga that began when GM announced they planned to sell Saab in 2010 (or either close it down).

Spyker Cars agreed to purchase the struggling Swedish automaker, only to then run into major financial troubles of their own. As of lately, they've been unable to pay their suppliers and were forced to seek alternative financing from anyone willing to help, including a Russian businessman with suspected ties to organized crime. A previous deal with Chinese automaker Hawtai Motor for emergency funding collapsed before it could even be signed due to unspecified reasons. Only time will tell if Saab has a future.

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Update: 9-4X Crossover production still taking place. Despite the debacle Saab is currently in, production of the new 9-4X is now happening at the automaker's plant in Ramos Arizpe, Mexico. This production facility isn't owned by Saab - it's under contract to them by GM. Their Trollhattan, Sweden plant is currently closed until new funding can be secured. For now, the 9-4X is the only Saab in production.

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