Beijing Auto to Assist Koenigsegg in Saab Acquisition

#Saab

Swedish supercar maker Koenigsegg is working to buy Saab, GM’s Swedish brand, and is now one step closer to acquiring the brand, thanks to Beijing Automotive Industry Holdings (BAIC).

This morning, the Chinese automaker signed a deal with Koenigsegg in which the Chinese firm would take a stake in Koenigsegg Group and help it finance the Saab takeover.

“This is an important step on the road toward a new Saab,” said Christian von Koenigsegg, Koenigsegg CEO. “We have a well prepared business plan, an important partnership, and we are ready to proceed without state financing.”

No financial terms of the agreement have been given, but the two companies plan on working together to expand Saab’s lineup. The companies will also expand BAIC’s lineup in China and other international markets.

The deal for Koenigsegg to buy Saab from GM was reached earlier this year, although Koenigsegg has since been working to obtain financing to make the deal work. BAIC’s stake in Koenigsegg may be the last piece of the puzzle needed to make the deal go through.

Source: Automotive News

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