Beijing Automotive Industry Holding (BAIC) paid SKR1.4bn (US$197m) to buy the intellectual property rights and equipment to make Saab's 9-5 and 9-3 sedans, daily Dagens Industri reported.

BAIC, China's fifth largest automaker, said on Monday it had acquired some assets of General Motors' unit Saab as part of a plan to develop its own brand cars. Saab later confirmed the deal.

"The purchase price is SKR1.4bn and the money was in Saab's account already on Friday," the paper quoted a source who was involved in the process as saying, according to Reuters.

The money is enough to keep Saab running for three months, the source said, meaning there was no immediate threat of the company going under.

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