Saab Sells Old 9-5 Tooling to BAIC for $197 Million

Tooling for the last-generation Saab 9-5 and portions of intellectual property for other technologies have been sold to Beijing Automotive Industry Holding Co. Saab collected a healthy $197 million on the deal, which was made official yesterday.

The sum of money has already been transferred into a Saab bank account, allowing the Swedish automaker to keep its head above water for an additional three months. Prior to the deal, Saab had a December 31 deadline to find a buyer or it would be forced to close its doors. The cash breathes some life into the company and allows it more time to find the right buyer.

BAIC, which backed the aborted Koenigsegg deal, has reportedly long been interested in acquiring the old 9-5 tooling. The Chinese automaker reportedly will modify the tooling to build its own unique vehicle.

Spyker Cars N.V. is reportedly the leading bidder for purchasing Saab from General Motors, but BAIC is also rumored to be interested in buying the company outright. That said, Saab officials told Reuters that the BAIC tooling deal was completely separate from the firm's search for new ownership, and would not affect the bidding process.

Source: Reuters

New Car Research

our instagram

get Automobile Magazine

Subscribe to the magazine and save up to 84% off the newsstand price

subscribe

new cars

Read Related Articles

TO TOP