BEIJING — Hawtai Motor Group agreed to invest in the Swedish Saab Automobile company and build cars together in China.
Hawtai, based in Beijing, will invest 120 million euros ($177 million) and receive as much as 29.9 percent of Saab's owner, Spyker Cars, the companies said Tuesday. Hawtai will also loan Spyker 30 million euros.
The agreement, contingent on government approvals, would help ease a cash shortage that forced Saab to halt production March 29 and would allow sales in China, where the carmaker hasn't been present since 2008. Saab is also trying to bring in Russian banker Vladimir Antonov as an investor. General Motors, Saab's former owner, tentatively agreed to allow Antonov's investment last week.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
