Saab has found a partner in China

Recall that in early May 2011, Saab announced a partnership with Chinese automaker Hawtai Motor Group. But then the deal fell through because the Chinese side has not received permission from the authorities.

According to the memorandum, Pang Da buys 24% stake in Spyker for 65 million euros. These funds will provide medium-term financing of the company. Spyker and Pang Da also create a joint venture for distribution of cars in China, and the joint venture to produce cars under the new brand. The Chinese company also lists the Spyker to 45 million euros in advance for the cars by Saab.

In addition to Saab in the Chinese company plans to produce cars of another new brand, created specifically for China. Under the agreement, 50% Joint Venture will be owned by Saab and 50% - Pang Da. Other details of future deal were not disclosed.