BAIC gets a piece of Saab

• Source: Global Times
• [08:14 December 15 2009]
• Comments

Shanghai Automotive Industry Corporation (SAIC), a partner of GM, is hoping to get the Saab brand and other core Saab assets at a low price after the Swedish company files bankruptcy, said a Sunday report in the Beijing-based Economic Observer News, citing sources close to SAIC.

"Selling the remaining assets to Saab would be a good choice for GM," said Li of TX. "China is now the fastest-growing auto market, and the best market GM can fall upon."

China's auto sales in the first 11 months of the year broke the 11 million units mark to become the top market in the world, according to the latest data from the China Association of Automobile Manufacturers.

GM and SAIC agreed earlier this month to launch a Hong Kong-based joint venture, targeting the emerging Asian market.

Sports-car maker Spyker is still in talks to buy Saab, the Dutch company's top executive said on Sunday, according to Reuters.