Part of Saab sold to Chinese firm
General Motors has confirmed it has sold components of Saab to China’s Beijing Automotive Industry Holdings (BAIC).
The company says it has closed on the sale of certain assets, including intellectual property for two sedans and equipment to produce those cars, to BAIC. The Saab brand is still seeking a buyer. Luxury car maker Spyker Cars NV is the only remaining party with which GM is negotiating for the sale of its Saab brand.
The struggling car marque has been trying to sell the Swedish brand for most of the year, as it struggles to raise cash. Under the deal, BAIC has bought intellectual property rights for some Saab 9-3 models, the current 9-5 models, and powertrain technology and tooling.
Jan Ake Jonsson, managing director of Saab Automobile, says: “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.”
The deal is part of a broader push by China to create a small number of globally competitive auto makers through domestic consolidation and by acquiring troubled foreign auto makers or their technology.
Until now, Saab was part of General Motors Europe. but the brand is still waiting to be sold under restructuring plans, or could be axed. General Motors recently appointed Vauxhall’s former managing director Nick Reilly as the new president of General Motors Europe.
Reilly has been tasked with “overseeing the creation of a strategy to position Opel/Vauxhall for long-term success’, which will include the loss of some jobs across the two marques.
