Hawtai is still hoping to cooperate with Spyker

Article by Christian Andrei, on May 20, 2011

Hawtai Motor Group Co., a private China-based vehicle manufacturer, remains hopeful that it will be able to work with Spyker Cars NV, the owner of Saab, even with the media reports on the memorandum of understanding signed among Pangda Automobile Trade Co., Saab and Spyker.

According to Hawtai in a statement on Tuesday, the company continues to exchange information with Saab and Spyker just like before.

During the early parts of this month, Hawtai has concurred to obtain at most 29.9 percent share in Spyker in exchange of a loan and investment that amounts to 150 million euros (1.4 billion yuan).

Under that deal, Spyker and Hawtai would have manufactured Saab cars in China, but it fell apart days after it was announced. The Chinese automaker disclosed that the agreement failed due to "commercial and economic realities," but the company declined to provide details.

Discussions between the two parties continue, Hawtai claims. It added that it has always hoped for Saab and Spyker to find the ideal partners in China. Last Monday, Spyker disclosed a tentative agreement with Pangda that will create a 50-50 partnership for automobile distribution.

Under this deal, Pangda and Spyker will have a joint-venture company, in order to manufacture Saab vehicles under a new brand in China.

Moreover, the deal calls for Pangda to purchase two batches of Saab cars worth 415 million yuan (44.7 million Euro) and to acquire a 24 percent share in Spyker for 599 million yuan (64.6 million Euro).

Topics: spyker

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