A rescue deal for Saab involving China's Hawtai Motor Group collapsed on Thursday, leaving owner Spyker chasing new funding alternatives as it attempts to restart production at the Swedish carmaker. Hawtai and Dutch-listed Spyker agreed a deal last week to pump 150 million euros ($216 million) into the loss-making brand and produce a new model in China. But this was spoiled by a failure to get necessary approvals.
Spyker said it was continuing talks with Hawtai, while another Chinese company, sports utility vehicle maker Great Wall Motor, was also talking to the Dutch company about a possible tie-up, a source told Reuters. Other possible investors include Vladimir Antonov, who is still interested in the troubled brand, a spokesman for the Russian businessman and former Spyker shareholder said. Loss-making Saab has run out of cash to pay its bills and several suppliers have stopped delivering parts, halting production at Saab's Trollhatten plant for most of last month.