Hawtai Motor Group of China seeks to invest about $220 million in exchange for stock to the Dutch carmaker Spyker in order for its Swedish brand Saab to continue plans for its 9-3 to be made in China beginning in 2013.
A privately-owned Chinese carmaker, Hawtai makes SUV and passenger cars. Founded in 2005, it’s owned by Zhang Xiugen, among the country’s wealthiest entrepreneurs.
Spyker took over Saab about a year ago from General Motors, although GM retains stock. Hawtai will now own about 30 percent of Spyker.
Saab’s production has ceased in recent weeks after suppliers stopped delivery of parts because of unpaid bills.
The Hawtai deal is the second time a Chinese company has invested in a Swedish car maker. Zhejiang Geely, parent of Hong Kong-listed Geely Automobile Holdings, bought Volvo from Ford Motor last year for $1.3 billion in cash and a $200 million note issued to Ford.
The Hawtai-Spyker deal awaits Chinese government approval.
Article Last Updated: May 3, 2011.
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A sports, travel and business journalist for more than 45 years, James has written the new car review column The Weekly Driver since 2004.
In addition to founding this site in 2004, James writes a Sunday automotive column for The San Jose Mercury and East Bay Times in Walnut Creek, Calif., and monthly auto review and wellness columns for Gulfshore Business, a magazine in Southwest Florida.
An author and contributor to many newspapers, magazines and online publications, co-hosted The Weekly Driver Podcast from 2017 to 2024.