General Motors and Koenigsegg Group AB, a consortium led by supercar manufacturer Koenigsegg, reached an agreement last month over the sale of Saab after nearly two decades of American ownership. Under the agreement, GM would transfer 100% of the shares of Saab to Koenigsegg Group AB, but it appears that China’s Beijing Auto may also have a vested interest in the Swedish automaker.
Beijing Auto has signed a memorandum of understanding to take a stake in Koenigsegg Group AB, the new buyer of Saab. The agreement is supposed to help the Swedish firm finance its bid to take control of Saab and help fund any future products. Note however that Koenigsegg Group AB is also supported by a number of U.S. and Norwegian investors, though their investments are expected to be significantly smaller than Beijing Auto’s interest.
"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 Beijing Auto were given. For more information on Koenigsegg Group AB’s future plans for Saab, check out our previous story by clicking here.
Incidentally, Beijing Auto was also reportedly interested in acquiring Opel but with Magna International remaining the preferred buyer it appears the Chinese automaker’s interest has gone elsewhere.
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