Zeewolde, The Netherlands – Spyker and Saab Automobile have signed an agreement for medium-term funding and a joint venture with China’s Hawati Motor Group Company. This follows a previous announcement that Spyker has secured short-term funding to restart Saab production.
The new agreement includes €150 million in subscription agreements and a strategic alliance for China including joint ventures on manufacturing, technology and distribution.
The financing includes €120 million in shares, giving Hawtai a maximum 29.9 per cent equity stake in Spyker, and a €30 convertible six-month loan, subject to definitive transaction documentation and certain conditions.
“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. “We expect that Saab’s unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market.”
Hawtai was founded in 2000 and is a privately-owned automotive company headquartered in Beijing, with two production facilities located in Inner Mongolia and Shandong Province. It currently has an annual production capacity of 350,000 vehicles, 300,000 diesel engines and 450,000 automatic transmissions, and plans to raise capacity of all three to one million each by 2015.