Koenigsegg inks Saab deal with BAIC
LUXURY sportscar maker Koenigsegg yesterday said that China’s Beijing Automotive Industry Holding (BAIC) would take a stake in the group to help finance its purchase of Saab Automobile from General Motors.
Koenigsegg said in a statement that the memorandum of understanding signed with BAIC would see the Chinese firm take a minority stake in Koenigssegg Group, which in turn would own 100 per cent of Saab.
“This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing,” Koenigsegg chief executive Christian von Koenigsegg said in the statement.
Koenigsegg, backed by US and Norwegian investors, struck a deal earlier this year with GM to buy the Detroit automaker’s loss-making Saab Automobile business, but questions remained regarding the financing of the deal.
BAIC, ranked fifth in China, dropped out of bidding for Opel in July and had been tipped by some as a possible bidder for Ford-owned Volvo Cars. The move comes as car makers report a boost in sales worldwide thanks to scrappage schemes.