Providers and Administrators in blue logo
MenuMENU
SearchSEARCH

Saab Secures $44 Million and Plans Partnership With Hawtai Motor Group

May 2, 2011
2 min to read


While awaiting the financial package that would ensure its continued existence, Saab received an infusion of capital that put the Swedish automaker closer to restarting production, which has been idle for nearly four weeks.


Spyker Cars NV, the Dutch company that rescued Saab in January 2010 out of liquidation by General Motors, announced Monday that it secured a loan from Gemini, an investment fund, worth 30 million euros, or about $44 million. Later in the day, brand representatives announced they expected to sign a strategic partnership with the Hawtai Motor Group, a Chinese passenger-car brand, on Wednesday, reported The New York Times.

Ad Loading...


“I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks,” said Victor Muller, the Saab chairman, in a statement on Monday. “We will do everything in our power to restore the confidence in our company as soon as practically possible.”


According to a report by Automotive News Europe, a further 29.1 million euros are needed for Saab to restart production. Those funds are being sought from the European Investment Bank.


Last week, Mr. Muller reportedly held meetings with three Chinese passenger-car brands: Great Wall Motor, China Youngman Automobile Group and Jiangsu Yueda Group.


However, on Monday afternoon, Saab representatives announced that the brand would hold a joint news conference on Wednesday with the Hawtai Motor Group to announce a strategic partnership. The nature of the agreement has not been announced.


During an interview at the New York auto show last month, Mr. Muller said that Saab was poised to make a sales impact, particularly in the United States, once it received the requisite liquidity. For now, production of new models like its 9-4 crossover and 9-5 SportCombi remains in limbo.

More Industry

F&Iby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →
Industryby Lauren LawrenceFebruary 24, 2026

China Leads Battery Production

Between 2020 and 2025, gigafactory capacity grew six-fold and is set to grow another 118% by 2030, according Benchmark data.

Read More →
Industryby Hannah MitchellFebruary 24, 2026

Overall Consumer Confidence Up

Americans’ view of present business conditions, the labor market and family finances, though, are still in the dumps, and if they plan to buy cars, many target used units.

Read More →
Ad Loading...
Auto Financeby Lauren LawrenceFebruary 23, 2026

Auto Loan Forecast Bucks Market Trend

Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.

Read More →
F&Iby Hannah MitchellFebruary 23, 2026

Some Auto Brands Cheaper to Insure

A new top 10 list ranks the least expensive for average full insurance coverage on a clean driving record and high driver credit scores.

Read More →
Industryby StaffFebruary 20, 2026

Learn to Manage the Mayhem at Agent Summit

Rob Mancuso – president of Mancuso Automotive – will present a Keynote at the 2026 event.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 19, 2026

Affordability Leads Top-Rated List

Edmunds’ editorial team tested 300-plus vehicles to help determine the Top Rated Awards for 2026, and one brand stood out with multiple rankings, including Best of the Best.

Read More →
Salesby Hannah MitchellFebruary 19, 2026

Auto Sales Still Sluggish

February forecast has new-vehicle deliveries still off from last year at this time amid high prices and vanished EV incentives. But J.D. Power sees business picking up from here as automakers target growth.

Read More →
Industryby Hannah MitchellFebruary 18, 2026

EVs Bring Most Satisfaction to Date

Study finds that adopters are true believers and that their satisfaction with the vehicles is growing, including for public charger experience, despite pullback of federal incentives.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 17, 2026

Auto Manufacturing Drives Economic Growth

The sector generates over $64 billion in annual economic impact in South Carolina, making it the largest and fastest-growing manufacturing subsector in the state.

Read More →