Report: Saab, Hawtai Deal Terminated

Industry News

Spyker Cars NV, the parent company of Saab, has just announced that a strategic partnership deal with Chinese automaker Hawtai Motor Group has been called off. According to Spyker, Saab could still enter a strategic partnership with Hawtai or with any other Chinese company in regards to manufacturing, technology, and distribution. Spyker stated that "since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker."

A company statement went on to further claim that they continue "work on securing short and medium term funding and are...negotiating equity and debt financing and/or technology licensing with various Chinese partners." The automaker is also speaking with the European Investment Bank regarding the automaker's 29 million Euro drawdown of its EIB loan and on getting the bank's approval to sell and lease back Saab property.

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