BAIC Paid $200 Million for Saab Technologies

One of the most controversial deals made this year in the automotive sector, the one through which American manufacturer GM sold intellectual property for Saab's 9-5 and 9-3 sedans and additional equipment to Chinese company BAIC, was worth $200 million, as the Chinese side claims.

For that money, BAIC bought rights to three vehicle platforms, two engine technologies and two transmission systems, BAIC said in a statement quoted by Autonews. The deal sent Saab into a spin, as it was in the end pronounced dead by GM, revived by a Spyker offer and then put on hold, again.

"The overseas technology takeover by BAIC is not only targeted at simple technology, such as manufacturing blueprints, but also the management systems that will enable BAIC to continuously develop and produce high quality vehicles," the statement reads.

"This arrangement is excellent for both parties, now and for the future. We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles," Jan Ake Jonsson, Managing Director of Saab Automobile said, before learning the surprising decision made by GM to scrap the rest of Saab.

Spyker announced yesterday it has extended the deadline of its new offer for the remainder of Saab indefinitely, after the initial December 21 deadline was considered unrealistic.

According to Spyker's CEO, Victor Muller, the revised offer is "open-ended and it has been extended until further notice."