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Saab in (EURO)65 mln deal with China's Pang Da

Saab in (EURO)65 mln deal with China's Pang Da

Saab owner Spyker Cars NV says it has signed a tentative deal with Chinese company Pang Da for the manufacturing and distribution of Saab cars in China, a week after a similar agreement with another Chinese auto company collapsed.
Spyker said Monday that Pang Da will inject (EURO)65 million ($92 million) for a 24 percent stake in Spyker, and the two will form a 50/50 joint venture for Saab cars in China.
Spyker is scrambling to find cash for Saab, which was forced to stop production at its plant in Sweden last month.
A previous financing agreement with Hawtai collapsed after the Chinese company failed to obtain the necessary consents.


Updated : 2020-11-30 10:26 GMT+08:00