Spyker and Hawtai Motor Group continue discussions about funding and strategic partnership yet earlier agreement terminated

Zeewolde, The Netherlands, 12 May 2011 – Spyker Cars N.V. (Spyker) announces today that Hawtai Motor Group Company Limited (Hawtai) and Spyker terminated the agreement by and between Hawtai, Spyker and Saab Automobile AB (Saab Automobile) with respect to funding and strategic partnership. However, discussions are ongoing.

As a result of this termination, Saab Automobile may enter into a strategic partnership with Hawtai or another Chinese party on manufacturing, technology and distribution in China. As indicated in the press release of 3 May 2011, the transaction with Hawtai was subject to definitive transaction documentation and certain conditions, which included the consent of different stakeholders. Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect. The parties will continue their discussions about a possible cooperation, however now on a non-exclusive basis.

Spyker and Saab Automobile continue to work on securing short and medium term funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners.

BAIC indicated that it does not have any problems with Saab’s ongoing discussions with other Chinese partners.

Discussions continue with the European Investment Bank (EIB) on completion of the current EUR 29 million drawdown under the EIB loan facility, on obtaining EIB consent for the sale of Saab property released under the collateral of the Swedish National Debt Office (NDO) and on various conditions proposed by the EIB. As soon as the EIB drawdown or other equivalent funding is confirmed, Saab Automobile plans to restart production depending on the outcome of discussions with its suppliers on terms to resume supplies of materials and services to Saab Automobile.

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14 Comments

  1. Don’t know who wrote the script for all this but he knows how to create tension. It’s time for a happy end.

  2. Just when you thought we were back to product and interesting Saab stories ….. If a car company can be promiscuous, then Saab leads the pack, having been in and out of bed with so many partners.

  3. Dear All,

    Despite the ongoing events, my wife and I today received a beautiful 4 leaf fold-out brochure from Saab Switzerland. 2012 models, it contains all the models, a new color and wheel selection for the 95 (Edge 19″ in Silver, Turbine 19″ in Black gloss (wow) as well as the 20″ Star design)

    Seeing the 95SC in detail on a high gloss printed brochure rather than on the screen of my laptop, is so much better, you notice the subtle styling cues all over the car, which you don’t notice when you see the car in real-life.

    So really what I’m saying is, We believe in you Saab, Victor, Steven, Jason. All of you please keep at it, faithful customers are there.

    Cheers, William

    1. Encouraging support there, William. Much appreciated. I maintain that we’re going to be OK through this current situation. I just wish we’d hurry up and get there.

  4. I sound like a nightmare, I have always been optimistic but now I only see dark clouds. For the first time in these 18 months i’m thinking to buy a different car.

  5. Felt a bit like a punch in the gut this morning, and I know it means even more to you Swade, but it’s a struggle that Victor will win I’m sure. I hope life doesn’t get too boring once all these problems are solved and things are running smoothly a year from now. 🙂

  6. Something has to give here. Saab is on the verge of great things since it came out from GM’s wing! I purchased last month my 3rd brand new Saab 9-3 with great excitement and with great hopes of its future. Please tell me there is a plan in the works to keep the love of my life pumping with blood and oxygen!?!?

  7. Sigh…..just as all the good press was rolling out on the 9-4X early test drives. Things were shaping up for a big second half of 2011 in the US for Saab and the 9-4X, but news like this will not help.

  8. SAAB must go on producing cars! I bought in January this year a new 9-5 TTiD AWD: it is a perfect car. The people, the cars etc. are worth keeping SAAB strong. So, good luck to Victor Muller and the rest of you by finding a partner who will match SAAB!

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