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Saab Forming Partnership with Chinese Automaker Hawtai Motor Group

Additional deal with Gemini Investment should help reopen Saab plant this week.

by on May.02, 2011

Saab hopes to restart its Trollhattan plant this week.

Struggling to head off a collapse, the cash-strapped Swedish carmaker Saab has lined up a pair of deals that could allow it to reopen its headquarters assembly plant later this week.

Saab’s Dutch parent company, Spyker Cars NV, plans to borrow 30 million Euros ($44.6 million) from the Gemini Investment Fund, money that apparently will be used to pay off suppliers who have been boycotting the Swedish maker for nearly a month.

“We’re hoping to restart production in the next week, however it’s dependent upon our conversation with suppliers and parts availability,” cautioned Saab’s U.S. spokeswoman Michele Tinson.

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While the Gemini deal could head off a near-term catastrophe, the longer-term news involves the aspiring Chinese automaker Hawtai Automotive Group, which plans to announce a new partnership with Saab on Tuesday during a Beijing news conference.

Sources tell TheDetroitBureau.com that Vladimir Antonov, the wealthy Russian businessman who had hoped to pull off a deal of his own with Saab may yet align himself with the struggling maker as part of the latest developments.