Saab is rising from the ashes again like a Phoenix after financing troubles halted its production in Trollhattan, Sweden.

But parent company Spyker Cars will be doing the resurrecting under a new name. The Dutch-based company will now call itself, confusingly, Swedish Automobile NV, after a deal with a Chinese company injected cash and a new lifeline to both Saab and Spyker.

Chinese car distributor Pang Da Automobile has promised a €65 million investment for a 24 percent stake in Spyker. Once the deal is approved by Chinese authorities, Spyker will be changing its name as part of the contract.

Spyker Cars adopts new 'Swedish' name