Saab partners Hawtai Motor Group from China
05 May 2011|2,346 views
The deal was announced by Victor Muller, CEO of Saab’s parent company Spyker Cars, and comes shortly after Saab managed to get a short term loan of US$44.6 million. With the agreement with Hawtai, Saab will receive a US$222.5 million cash injection while the two companies will form joint ventures for manufacturing, technology and distribution. In return, Hawtai will invest up to US$178 million and take a 29.9 per cent stake in Spyker Cars.Victor Muller, Spyker's CEO and chairman of Saab Automobile said, “The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer.”
“We expect that Saab's unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab's advanced designs, safety and responsible performance.”
“With Hawtai's clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship.”
Hawtai Motors, which was previously known as Huatai, is new company that was formed in 2000. The Chinese automaker said that it has annual production capacity of 350,000 vehicles, 300,000 diesel engines and 450,000 automatic transmissions.
“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,” said Mr Richard Zhang, Vice President of Hawtai.
“On the other hand we have a very strong Chinese manufacturing and distribution infrastructure which we will make available to our new partner Saab Automobile. Our participation in Spyker, Saab's parent company, demonstrates our commitment to the future of Saab Automobile as a premium European car manufacturer."
Source: Saab
The deal was announced by Victor Muller, CEO of Saab’s parent company Spyker Cars, and comes shortly after Saab managed to get a short term loan of US$44.6 million. With the agreement with Hawtai, Saab will receive a US$222.5 million cash injection while the two companies will form joint ventures for manufacturing, technology and distribution. In return, Hawtai will invest up to US$178 million and take a 29.9 per cent stake in Spyker Cars.
Victor Muller, Spyker's CEO and chairman of Saab Automobile said, “The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer.”
“We expect that Saab's unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab's advanced designs, safety and responsible performance.”
“With Hawtai's clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship.”
Hawtai Motors, which was previously known as Huatai, is new company that was formed in 2000. The Chinese automaker said that it has annual production capacity of 350,000 vehicles, 300,000 diesel engines and 450,000 automatic transmissions.
“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,” said Mr Richard Zhang, Vice President of Hawtai.
“On the other hand we have a very strong Chinese manufacturing and distribution infrastructure which we will make available to our new partner Saab Automobile. Our participation in Spyker, Saab's parent company, demonstrates our commitment to the future of Saab Automobile as a premium European car manufacturer."
Source: Saab
Victor Muller, Spyker's CEO and chairman of Saab Automobile said, “The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer.”
“We expect that Saab's unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab's advanced designs, safety and responsible performance.”
“With Hawtai's clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship.”
Hawtai Motors, which was previously known as Huatai, is new company that was formed in 2000. The Chinese automaker said that it has annual production capacity of 350,000 vehicles, 300,000 diesel engines and 450,000 automatic transmissions.
“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,” said Mr Richard Zhang, Vice President of Hawtai.
“On the other hand we have a very strong Chinese manufacturing and distribution infrastructure which we will make available to our new partner Saab Automobile. Our participation in Spyker, Saab's parent company, demonstrates our commitment to the future of Saab Automobile as a premium European car manufacturer."
Source: Saab
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