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Saab's future tenuous as deal falls through

Posted On Mon, May 16, 2011

The fate of Swedish car company Saab Automobile appears to be up in the air, as a deal that would have split the ownership between two foreign automakers was put on hold.

According to Spyker Cars, the car company that bought Saab from General Motors in 2010, the deal was terminated with Hawtai Motor Group because Hawtai "was not able to obtain all the necessary consents" from stakeholders in the company.

As a result, Spyker said Saab Automobile may form a strategic partnership with another Chinese manufacturing group if it can't reach an agreement with Hawtai.

Based on a statement released by Hawtai, however, the group appears to still be interested in working out a deal.

"Saab needs help and we strongly believe we are the best partner in this regard," said Richard Zhang, vice president of Hawtai. "We are very focused on coming up with a fair and reasonable structure for a long-term relationship.”

Saab is often viewed as a car that has the look of a luxury vehicle but at a more reasonable price. Because of this, auto insurance rates are usually lower than what they would be for a luxury model.

 

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