Saab and Hawtai terminate strategic partnership agreement

Saab

So earlier this morning we reported how Saab will be moving forward with the development of future vehicles thanks to an investment by Hawtai – yeah, nevermind that. Spyker has just announced that “Hawtai Motor Group Company Limited (Hawtai) and Spyker terminated the agreement by and between Hawtai, Spyker and Saab Automobile AB (Saab Automobile) with respect to funding and strategic partnership.”

Nonetheless, Spyker said that “discussions are ongoing.”

“As a result of this termination, Saab Automobile may enter into a strategic partnership with Hawtai or another Chinese party on manufacturing, technology and distribution in China,” Spyker said.

The deal between Saab and Hawtai was subject to definitive transaction documentation and certain conditions, which included the consent of different stakeholders. Hawtai was not able to obtain all the necessary consents, which led to the termination of the deal.

– By: Omar Rana