General Motors announced yesterday that it will sell Beijing Automotive Industry Holdings Co. Ltd (BAIC) of certain Saab 9-3, current 9-5 and powertrain technology and tooling. It said that Saab will assist BAIC to integrate this technology into future vehicles produced by BAIC.
According to a report by Dagens Industri, BAIC paid $197 million to buy the intellectual property rights and equipments to make Saab’s 9-5 and 9-3 sedans as its own brand of vehicles.
“The purchase price is 1.4 billion crowns and the money was in Saab’s account already on Friday,” the paper cited a source saying.
The source said that the $197 million is enough to keep Saab running for three months. Saab said yesterday that it is still working with GM to find a buyer and Spyker is still in the lead as a likely owner.
– By: Stephen Calogera