AM Online

Saab production lines set to start again

Saab plans to resume production within a week after its parent company Spyker Cars secured a 30m euro loan from investment fund Gemini.

That came hours before an announcement this morning of more investment, this time from Chinese vehicle manufacturer Hawtai.

It is putting 150m euros into the Swedish brand in exchange for a stake of up to 29.9%.

The deal is likely to help Saab's entry into the Chinese car market.

Hawtai has capacity to build 350,000 cars and 300,000 diesel engines in China, and wants to treble volume by 2015.

Assembly lines at Saab's Trollhattan plant have been suspended since April 6 after suppliers refused to deliver parts, citing lack of payment.

In addition to the six-month loan from Gemini, Spyker is seeking to borrow a further 29.1m euros from the European Investment Bank (EIB).

 

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