Beijing Auto buys GM's Saab technology for $200M
- Source: Gasgoo
- [16:33 December 23 2009]
- Comments
Beijing Automotive Industry Holding (BAIC) said it paid $200 million for Saab technology from General Motors, a move which would allow the fifth-largest Chinese carmaker to roll out Saab-based cars in 2011, Reuters reported today.
The intellectual property bought by BAIC includes the rights to three overall vehicle platforms, two engine technologies and two transmission systems, the company said in a statement today. It is set to integrate the Saab technology into its vehicles immediately.
"The overseas technology takeover by BAIC is not only targeted at simple technology, such as manufacturing blueprints, but also the management systems that will enable BAIC to continuously develop and produce high quality vehicles," the company said.
BAIC, previously joining the Swedish Koenigsegg group in bidding for Saab, expects to start production of Saab-based cars as soon as 2011. It has bought the intellectual property for Saab's 9-5 and 9-3 sedans and some equipment to make them.
Following its purchase of technology from GM's Saab unit, BAIC will invest 33 billion yuan ($4.83 billion) in vehicle development and production over the next three years, the company said today.
