Saab Automobile has signed an agreement with China’s Pang Da Automobile, an operator of a large network of car dealerships, that will cover distribution of the Swedish brand's cars in China.
The deal comes after an investment agreement with China’s Hawtai Motor Group collapsed last week.
Saab parent Spyker Cars signed an early stage agreement with Pang Da on Monday, according to reports, securing funding for the timebeing.
Pang Da will purchase an equity stake in Spyker and, separately, purchase Saab vehicles to be sold through its network of more than 1,100 dealerships in China.
The Chinese group will pay €65 million euros for a 24% stake in Spyker.
It will also pay €30 million for Saabs to be distributed through its network, and €15 million for additional vehicles within 30 days.