Spyker Cars announced yesterday that it has secured a short-term funding to continue production of Saab vehicles later this week. Spyker today announced that its Saab unit has signed an agreement with Hawtai Motor Group Company Limited (Hawtai).
“This agreement conditionally secures medium term funding and includes financing in the form of subscription agreements in the amount of EUR 150 million as well as a strategic alliance for China including joint ventures on manufacturing, technology and distribution,” Spyker said in a statement.
Spyker, Saab and Hawtai’s agreement on strategic alliances partnership will include manufacturing, technology and distribution in China.
The 150 million euro investment includes 120 million Euros for in aggregate 24.6 million shares as well as a 30 million Euros convertible loan.
“The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer,” said Victor Muller, CEO of Spyker and Chairman of Saab Automobile.”
– By: Stephen Calogera