Thursday, January 21, 2010
GM Sells SAAB 9-3, Current 9-5 and Other Assets to China's BAIC
It was confirmed today that General Motors has come to an agreement with Beijing Automotive Industry Holdings Co. Ltd (BAIC) for the sale of certain key assets from SAAB. BAIC, China's fifth-largest automaker, bought the intellectual rights for Saab's current 9-5 and certain 9-3s as well as some powertrain technology and tooling equipment. The agreement does not include the new 9-5 saloon that's based on the Opel Insignia.
The deal will see BAIC manufacturing the current Saab 9-5 and certain 9-3 models in China while Saab will also help the automaker to integrate various technologies into future BAIC vehicles.
"This arrangement is excellent for both parties, now and for the future," said Jan Åke Jonsson, Managing Director of Saab Automobile.
"We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles," he added.
General Motors said that the deal with BAIC does not compromise in any way the sale of Saab to a new owner.