Business

Saab announces investment deal with Chinese companies

interns Contributor

PARIS — In the latest twist on its road to recovery, Saab Automobile announced a deal Monday with two Chinese companies that will take stakes in the Swedish automaker and make and sell its cars in the world’s most populous country.

Spyker Cars, which owns Saab Automobile, said that it had signed a memorandum of understanding to sell a 29.9 percent stake in Spyker to Zhejiang Youngman Lotus Automobile for €136 million, or $195 million.

Taken with the announcement last month of a financing and import deal with Pang Da Automobile Trade, also of China, Spyker has now negotiated what it calls a “tripartite” alliance to enter the Chinese market.

Full story: Saab Signs Up Another Chinese Investor