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Chinese BAIC expresses interest in Saab investment

Published: 02 Apr 2010 11:38 GMT+02:00
Updated: 02 Apr 2010 11:38 GMT+02:00

China's Beijing Automotive Industry Holding Co. (BAIC) has said it wants to invest in Saab after it failed to buy the Swedish car company, according to a newspaper interview published on Thursday.

"We have a durable interest in deepening our partnership with Saab and we are ready to invest in the company," BAIC chief executive Wang Dazong told Swedish business daily Dagens Industri.

China's fifth biggest car maker was one of the bidders to take over loss-making Saab from General Motors, but the US group dismissed BAIC's bid and sold it to Dutch sports car maker Spyker Cars, Wang said.

In December, BAIC acquired the intellectual property rights for Saab's 9-3 and 9-5 car models for 140 million euros. It also signed a contract this week to sell Saab cars in its network in China.

In February, Spyker Cars bought Saab for $400 million, rescuing the Swedish company which GM was about to close down as part of its own efforts to recover from bankruptcy.

Spyker chief executive Victor Muller said last week that he intended to restore Saab to profit by 2012, raising annual production sixfold to 120,000 cars in 2012, employing an extra 500 workers and extending a Saab factory.

AFP/The Local (news@thelocal.se)

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Your comments about this article

18:38 April 2, 2010 by Scotsaab
Good news. Saab attractig interest from an emerging car maker. Will help strengthen finances and underscore credibility on the global front.

No one wants to see Saab lose its identity - but if Chinese investment will help, and it should, it could give Saab an opportunity to share technologies.

All that needs to be understood and secured is control of Saab's Swedish character and styling.
01:17 April 3, 2010 by Malmoman
I have nothing against the Chinese investing in Saab but this all reminds me of when Renault and Volvo considered a merger in the early 90s. I wonder how the Chinese culture will interact with the Swedish culture. I have always been fascinated with how the Swedes work smart versus working hard (sure that may be a stereotype). The Chinese I have studied with are much different in their approach to solving problems. It is an interesting question that I guess will be answered sooner than later...

Best of luck either way!
20:53 April 3, 2010 by a little helper
The Chinese you have studied can be very limited. Not even a Chinese can say he/ she really knows Chinese culture. As the culture in China is changing much faster than a human being can prepare for. And the country is so diverse. Do you have enough statistic and quick enough to measure 1.3 billion people within 6 months? If your study was 2 years old, then it is already out of date.

What is your based to say working hard ( and work stupily ) of Chinese workforce? If Chinese workforce is only cheap, most big companies will move their productions to somewhere than China.

Because still not many western people understand Chinese language, People do not really understand WHY Chinese have certain behaviors, then people judge Chinese behaviors based on those research of monkeys and mice / human on 60s/70s. If those researchs of Chinese people are correct, then the Chinese can only be seen in Zoo by now.

Good Luck to you, those are not willing to study Chinese culture and lanaguage!
18:53 April 5, 2010 by Alasdair MacCorquodale
You are surrendering huge areas of Swedish economy and technological expertise. Is this a sad outcome of having a Liberal political culture.

And Volvo. Where next?
12:23 April 6, 2010 by SaxSymbol73
@a little helper

While your first statement is correct--it is difficult to judge such a vast and complex nation as China--you should be more careful about getting upset about things that you read incorrectly.

Malmoman stated that Swedes work smart versus work hard and *at no time* indicated that the Chinese did otherwise. He simply stated that he wonders how the two groups will interact, and that the Chinese had a different approach to solving problems.

So before you get upset and go off on some rant accusing someone of pseudo-racism, read carefully what was said. If you're upset about people not knowing much about China, that's fine, but pick the place to complain about it carefully and specifically.

Good luck to you, those who are not willing to read English correctly!
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