Beijing Automotive Industry Holding Co. paid Saab a reported 1.4 billion Swedish crowns (£120 million) for the rights to the 9-3 and old 9-5.
Dagens Industri, a Swedish business daily, quoted an unamed source revealing the amount paid and claiming the money was already in Saab's bank account by the end of last week.
"The purchase price is 1.4 billion crowns and the money was in Saab's account already on Friday," said the source.
General Motors is still keen to finalise a deal to sell the rest of Saab by the end of the year and Dutch sports car firm Spyker is the favourite to complete a deal. A Saab spokesman told Automotive News that the money from the BAIC sale would help keep the company afloat while a buyer for the rest of the company was sought.
"The money [from the deal] will finance the new Saab and contribute to a good start under new ownership," said the spokesman. "We're confident that a deal will get done."
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Re: Saab 'made £120m' from BAIC
In my opinion, us fickle european consumers sign the death warrant for cars far sooner than is necessary. Yes, the current 9-5 is a comparatively old design by euro standards. But if you look at it objectively it is still just as competent as many new designs. Car design really stopped advancing in real terms about 10 years ago. Yes, engine technology is still advancing, but in terms of car body design it reached a peak about the time of the millenium & car designers ever since have just been fiddling around with the details.
Look at most cars these days- the highly praised new Fiesta. Does it do anything the old Fiesta didnt do? No. Is it a step forward over its predecessor in any real way? No. Same goes for the new Mondeo. The new Golf. The new Polo. The new Focus. The new Megane. They change them to keep them fresh, but realistically its just change for changes sake.
I think £120 million is an absolute bargain for the rights to the current 9-3 & 9-5. No car company could even hope to develop two cars as competent as the 9-3 & 9-5 from scratch for that money. Realistically you could be looking at 10 times that amount. I think BAIC have got themselves a real bargain, & we will soon see the era of very competent chinese cars, that pass the NCAP tests with flying colours.
Re: Saab 'made £120m' from BAIC
Good day at the office for somebody at GM.
Re: Saab 'made £120m' from BAIC
I presume that the new 9 5 would go to Spyker and current 9 3 be licenced to Spyker until replacement comes out in a couple of years?
The current 9 3 and old 9 5 just be produced in China under the BAIC brand?