Saab has announced they entered into a strategic alliance with China's Hawtai Motor Group.

In exchange for a €120 ($178) million investment and a €30 ($44.5) million loan, Hawtai will obtain a 29.9 percent equity stake in Spyker. Furthermore, the two companies will work together on matters involving manufacturing, technology and distribution.

According to Spyker CEO Victor Muller, "The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan, since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer."

Muller's sentiments were echoed by Hawtai Vice President Richard Zhang who stated, "The partnership with the iconic Saab brand will give us access to innovative technologies and an international network which would have taken us decades to build. On the other hand we have a very strong Chinese manufacturing and distribution infrastructure which we will make available to our new partner Saab Automobile."

While the agreement has already been struck, it still faces approval by the Chinese government, the European Investment Bank and the Swedish National Debt Office.