Hawtai still wants to work with Spyker
Private Chinese automaker Hawtai Motor Group Co. still hopes to cooperate with Dutch sports car maker Spyker Cars NV, the owner of the Saab vehicle brand, despite Spyker's tentative deal with a leading Chinese car distributor, Pangda Automobile Trade Co.
"We have noticed media reports about the memorandum of understanding signed between Spyker, Saab and Pangda," Hawtai said Tuesday in a statement. "Like before, we still have kept exchanging information with Spyker and Saab."
Earlier this month, Hawtai agreed to acquire as much as a 29.9 percent stake in Spyker in return for an investment and loan totaling 150 million euros (1.4 billion yuan).
Under that agreement, Hawtai and Spyker would have produced Saab-brand vehicles in China. But the deal fell apart days after it was announced.
Hawtai said the deal failed due to "commercial and economic realities," without offering details. But the Chinese automaker said both sides continue to discuss possible ventures.
"Hawtai has always hoped that Spyker and Saab can find proper partners in China," Hawtai said in the statement.
On Monday, Spyker announced a tentative deal with Pangda to establish a 50-50 partnership for vehicle distribution.
Under that deal, Spyker and Pangda will set up a joint-venture company to build Saab cars and create a brand for the China market.
In turn, Pangda will buy two batches of Saab vehicles worth 415 million yuan. The Chinese dealer group also will acquire a 24 percent stake in Spyker for 599 million yuan.
