Support The Moscow Times!

Spyker to Sell Saab Stake

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)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.