Chinese automaker BAIC will use technology to develop its own brand of cars. GM still hoping to sell off the Saab brand but may have to simply shut it down if a buyer is not found.
GM has been trying to sell off its Swedish brand Saab for over a year now without much luck. Now, it looks like they may have to sell what they can of it.
According to a Swedish business news daily, Dagens Industri, Saab has been able to sell the 9-5 model and it's technology to a Chinese automaker. Beijing Automotive Industry Holding Co. (BAIC) has paid $197 million (135 million euros) for the rights to the 9-5 model as well as some technology from the 9-3 range.
The money affords Saab about 3 months worth of operating capital.
BAIC hopes the technology will help it in its development of its own models.
GM has said it will simply close down Saab if a buyer is not found. The company is still in talks with Dutch luxury automaker Spyker which may still buy Saab. But selling off pieces of the well-known and established Swedish brand may, sadly, be all that GM can manage.