China's Beijing Automotive Industry Holding Co has plugged a funding gap that threatened to scupper General Motors' sale of Saab with a €275m ($400m) investment and an agreement to expand the Swedish brand in China.
Koenigsegg, the Swedish supercars maker leading the consortium buying Saab, yesterday said it had signed a memorandum of understanding with BAIC to “explore growth opportunities” in China, which is on course to overtake the US as the world's largest car market.
The agreement will see the Chinese company pay an undisclosed sum to become a non- controlling minority shareholder in the consortium. Koenigsegg, citing confidentiality agreements, gave no details of the deal, which it said would be concluded this year.
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