China’s Beijing Automotive Industry Holdings has signed a deal to take a stake in Koenigsegg Group. The agreement is supposed to help the Swedish firm finance its bid to takeover Saab from General Motors.
“This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing,” Koenigsegg CEO Christian von Koenigsegg said in a statement.
No financial terms of the memorandum of understanding between Koenigsegg Group and BAIC were given but the two companies plan to work together on expanding Saab’s and BAIC’s products in China and other international markets, according to a release.
Koenigsegg Group, backed by U.S. and Norwegian investors, struck a deal earlier this year with GM to buy money-losing Saab, but questions remained regarding the financing of the deal.
Source: Automotive News