Hawtai

China's Hawtai invests in Spyker to prevent Saab's demise

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

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