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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sweden's Koenigsegg teams up with China's BAIC to buy Saab AFP - Thursday, September 10 STOCKHOLM (AFP) - - Swedish sports car maker Koenigsegg said Wednesday it had teamed up with Beijing Automotive Industry Holding Co Ltd (BAIC) to buy Saab from its US parent company GM, a move that gives Saab access to China's rapidly growing car market. ADVERTISEMENT Koenigsegg Group said BAIC, China's fifth-largest automaker founded in 1958, would become a minority owner in Koenigsegg Group as part of a memorandum of understanding signed between the two parties. BAIC already has joint ventures with Daimler and Hyundai. "Koenigsegg Group will own 100 percent of Saab Automobile. The aim is to sign a final agreement later this year," it said in a statement. The Swedish group had been short 3.0 billion kronor (290 million euros, 412 million dollars) to complete the acquisition of Saab first announced in June, though the total purchase price has never been disclosed. Saab, which built its first prototype cars in 1947, has experienced an unhappy, largely unprofitable two decades under American management. "This is an important step on the way to a new Saab. We have a well thought-out business plan, an important partnership and we are now ready to move ahead without state financing," the head and founder of Koenigsegg Group, Christian von Koenigsegg, said in a statement. No other details would be disclosed due to a confidentiality agreement, he said. In addition to Koenigsegg and BAIC, Koenigsegg Group consists of US investor Augie Fabela, who is the majority shareholder, and Norwegian industrialist Baard Eker. Koenigsegg Group, founded in 1994, has just 45 employees and produces 18 high-end sports cars a year at more than a million euros (1.4 million dollars) each. Saab, by contrast, employs 3,400 people in Sweden alone and sold just over 93,000 cars worldwide in 2008. The niche sports carmaker still has to convince the Swedish government of the viability of its business plan for the iconic automaker. Stockholm has repeatedly refused to take a stake in Saab, but Koenigsegg is seeking a 400-million-euro (600-million-dollar) loan from the European Investment Bank and wants the Swedish government to act as a guarantor. "It's good that the company has listened to the government and managed to get private capital," Enterprise Minister Maud Olofsson told news agency TT. Koenigsegg Group said it was "now focusing on the discussions" for the state guarantees. Saab said Wednesday's announcement paved the way for the EIB loan. "The government has said that as long we secured the financing, the chances of getting the guarantee were very high," Saab spokesman Eric Geers told AFP. Saab aims to increase its annual sales to 150,000, and Wednesday's deal also opens the door to the rapidly expanding Chinese market as the carmaker prepares to launch several new models next year, including its new 9-5 sedan. "Saab has no real presence in China and through Beijing Automative we will have access to the Chinese markets," Geers said. But questions have abounded in Sweden over what the future holds for Saab, with some experts and commentators expressing doubts about whether Saab's new owners have the necessary expertise to run a major car company. Christian von Koenigsegg has previously said he wants "to transform Saab into a stand-alone vibrant entrepreneurial company and make it 'sustainable' by making it profitable." "I see Saab as having its own niche as a post modernist, sporty, comfort car with an environmental aspect," he said in June. Under GM's stewardship, Saab rarely posted a profit and last year lost 3.0 billion kronor (241 million euros, 341 million dollars at the time). Another Chinese carmaker, Geely Holding Group, has confirmed its interest in acquiring Sweden's other carmaker, Volvo Cars, from US group Ford. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Stocks pare gains on Fed economic assessmentAP - 2 hours 27 minutes ago High hopes: Small business is becoming optimisticAP - 2 hours 56 minutes ago Fed report sees signs economy improvedReuters - Thursday, September 10 Sweden's Koenigsegg teams up with China's BAIC to buy SaabAFP - Thursday, September 10 Related Articles: Business Opel options include GM keeping itAP - Thursday, September 10 Obama's mortgage relief program growingAP - Thursday, September 10 Pinnacle Airlines says August traffic fell 3.5 pctAP - Thursday, September 10 NY water bottle deposits expected to start in fallAP - Thursday, September 10 MarketAxess Aug. trading volume rises 71 percentAP - Thursday, September 10 Enlarge Photo Sweden's Koenigsegg teams up with China's BAIC to buy Saab Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Giant statues reveal red hat secrets: study Anti-piracy equipment dazzles defence fair Hershey considers rival Cadbury bid: report Greenspan says further financial crisis 'inevitable' New Alzheimer's gene link discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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