Saab Details Hawtai Motor Partnership Agreement

In an attempt to save Saab from going under... again, and after securing the €30 million, Spyker Car N.V. CEO Victor Muller moved to sign a strategic partnership with China’s Hawtai Motor Group. Under the agreement, Saab will receive a €150 million injection, while the two companies will form joint ventures for manufacturing, technology and distribution.

Under the agreement, China’s Hawtai will invest €120 million, receiving up to 29.9 percent equity stake in Spyker on a fully diluted basis. Τhe remaining €30 million will be in the form of a convertible loan agreement with a 6 month maturity, an interest rate of 7% per annum and a conversion price of €4.88 per share.

“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,” Victor Muller, CEO of Spyker and Chairman of Saab Automobile.

“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,” the CEO added.

To which Mr Richard Zhang, Vice President of Hawtai, added: "This is a great day for our relatively young company which was founded ten years ago. 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. 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."
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About the author: Mihnea Radu
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Mihnea's favorite cars have already been built, the so-called modern classics from the '80s and '90s. He also loves local car culture from all over the world, so don't be surprised to see him getting excited about weird Japanese imports, low-rider VWs out of Germany, replicas from Russia or LS swaps down in Florida.
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