Dutch car producer Spyker has announced that it has found a new Chinese partner to rescue the classic Swedish brand Saab, which was taken over by Spyker last year. The deal was unveiled today, with Spyker outlining plans to work together with Pang Da Automobile to resume production and distribution of Saab.

Pang Da, the largest car distributor on the Chinese stock exchange according to Spyker, will have a 24 percent share in Spyker amounting to 65 million euros. Pang Da has pledged 30 million euros upfront to secure short-term funding to buy Saab vehicles, with a possible 15 million to follow within 30 days, subject to “certain conditions”.

Spyker is eager to resume production “as soon as possible”, but the agreement still has to be approved by the Chinese authorities, the European Investment Bank and the Swedish government.

The strategic alliance statement included plans to create a joint venture-owned brand in China alongside the manufacturing joint venture for Saab.

A funding deal hammered out at the beginning of this month with China's Hawtai Motor Group fell through last week, because Hawtai had been unable to secure shareholder approval. Hawtai had planned to invest 150 million euros in Spyker.

All production stopped at the Saab Trollhaettan plant on 6 April, because suppliers which had not been paid halted deliveries. Concerns are growing for the future of the staff who work at the Swedish-Dutch concern.

(jn/imm)

© Radio Netherlands Worldwide 2011