Timothy Colbeck has been named as Saab Automobile AB’s chief operating officer for North America. Saab has recently entered a partnership deal with China-based Hawtai Motor Group. Saab had been forced to suspend production when it suffered a cash crunch and was unable to pay suppliers.
In a statement, Saab revealed that Colbeck is a 25-year veteran of Fuji Heavy Industries Ltd.'s Subaru of America unit. He served most recently there as senior vice president for sales.
Colbeck will be reporting to Matthias Seidl, Saab's global sales chief, and Saab’s North America board. Under the plan signed May 3, Saab will be receiving a 120 million-euro ($172 million) investment from Hawtai.
The agreement includes a plan for joint production in China. Hawtai is set to get up to 29.9% of Saab's owner, Spyker Cars NV. For this, Hawtai will give Spyker a loan of 30 million euros. Saab had to halt production on March 29.
It briefly resumed operations last month but it eventually had to suspend output again. On May 2, Saab said that it intended to restart production within a week, after receiving a 30 million-euro loan from Gemini Investment Fund Ltd.
Saab is also expected to draw down 29.1 million euros from the EIB, the European Union's lending arm. On April 28, it was reported that GM has tentatively agreed to allow Russian banker Vladimir Antonov’s investment.