General Motors’ Hummer brand is slated to become the property of a Chinese company within the next few months, but Hummer may not be the only former GM brand set to fall under Chinese control. China’s SAIC is reportedly pursuing a part ownership of the Saab brand.
According to Reuters, SAIC is currently holding talks with Koenigsegg – Saab’s new owners – about purchasing a share of the Saab brand. However, even if the transaction is completed, Koenigsegg will remain the main owner of Saab with SAIC acting as a passive investor.
“SAIC is considering taking a stake in Saab but has not made up its mind on that or the size of any possible investment,” an inside source told Reuters. “If it finally decides to go ahead, it will most likely be the parent company rather than the listed SAIC that would take a stake in Saab.”
SAIC – one of GM’s China partners – is said to be keen on acquiring part of the Saab brand, but is being held back by an investment in Korea’s Ssangyong. Ssangyong was forced to file for court protection earlier this year.
Whatever the case, Koenigsegg still needs to raise about $420 million in financing to complete the Saab transaction, so a partner is expected to be announced within the next few months.
09/08, 12:45 PM
posted by:
A4
God dammit China, we were all just starting to like Saabs again.
09/08, 1:15 PM
posted by:
carstuff
wow, GM is big time partners with SAIC in China. So now GM will have a tie back to Saab. Next we will here that SAIC will be supplying financing for Opel.
09/08, 1:37 PM
posted by:
Go Saab
Well, the Chinese can’t fail more badly than GM did. I hope there are some bullet-proof armour between Saab and GM in the future if this SAIC story is true (and I doubt it).
09/08, 1:58 PM
posted by:
worst 3
I think you under estimate china’s ability to fail.
would never by a Chinese car brand or one assembled there, a few bit an peaces ok.
09/08, 2:33 PM
posted by:
johnnycanuck
What good is that wall if things keep getting out.
09/08, 2:34 PM
posted by:
JSi
Hahahaha A4 is so freakin right! the chinese are taking over EVERYTHING!
09/08, 3:41 PM
posted by:
Go Saab
worst3, I’ll take a Volvo, Mercedes or even an Audi manufactured in China any time over crap produces by lazy UAW idiots in Michigan. BTW, good luck living a life without using anything that have parts originating from mainland China…
09/08, 3:57 PM
posted by:
JSi
well comparing if you want something made by UAW idiots from Michigan (yes they are lazy idiots, undereducated and overpaid) or something made by workers from China (children and slaves from villages), would be like asking somebody if they would like a kick in balls by beckham or a punch in the face by tyson… both options would be horrible…
09/08, 4:02 PM
posted by:
Go Saab
So all the Mercedes, Audis, Volvos, Hyundais, Toyotas etc. etc. built in China tha last decades are made by children and slaves? I think you are on to something big here!
09/08, 4:08 PM
posted by:
JSi
yeah they run on children’s tears and bird flu!
09/08, 4:09 PM
posted by:
Go Saab
My oh my!
09/08, 5:07 PM
posted by:
A4
Don’t forget SARS.
09/08, 9:32 PM
posted by:
daiso
In Carmaker’s Collapse, a Microcosm of South Korea’s Woes
NYTimes
“Chinese company BOE got the technology they wanted. All we got was layoffs,” said Hwang Pil-sang, a Hydis worker.”
“We trusted their promise to help us into the vast Chinese market,” Mr. Yang said. “In the end, they kept none of their promises, and they got what they wanted: our technology.”
http://www.nytimes.com/2009/02/24/world/asia/24seoul.html?pagewanted=1&_r=2&ref=asia
09/09, 3:35 AM
posted by:
SomeGreek
i’d pick Tyson, jsi. It, somehow, is more dignified than a kick in the nuts by a model.
09/09, 7:52 AM
posted by:
Suzhou
SARS!!!!! just a Chinese company want to acquire part of SAAB. How come you got such thought…..A4…shame on you.