Sweden: Chinese to Saab's rescue
3 May 2011
"The Chinese say ‘yes’“, headlines Dagens industri following the announcement by Spyker, the Dutch company that owns Saab, of the strategic partnership agreement signed with the Chinese car manufacturer Hawtai. This latter, the economic daily explains, has pledged 150 million euros for the Swedish automaker, whose financial problems have worsened in recent weeks to the point that production had to be halted in early April. The agreement also provides for a joint ventures in manufacturing, exchanges of technology, and distribution. “This partnership assures us medium-term financing and allows us to break into the Chinese market,” Saab chairman Victor Muller told Dagens industri.