Beijing Automotive Industry Holding said it paid US$200m to purchase technology from General Motors’ Saab unit as the Chinese automaker speeds up development of its own vehicles.
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BAIC said in a statement today that it will develop four new models and three turbo-engines using Saab technology.
The Chinese company agreed to buy vehicle platforms from Saab earlier this month to help develop its own models and to reduce its reliance on partners Hyundai and Daimler.
The future of Saab remains uncertain. GM said last Friday that it will wind down the loss-making Swedish unit after talks collapsed on a sale to Spyker Cars NV. However negotiations resumed Monday after amid rumours in the media that Spyker had found a billionaire backer.
BAIC agreed to buy Saab assets related to three platforms, including the existing 9-3 and 9-5 models. It is also buying turbo-engine and gearbox technology.
The Chinese company had been part of an earlier failed bid to buy Saab with Swedish specialist sportscar maker Koenigsegg Group. Beijing Auto also failed in an attempt to buy GM’s Opel unit in July.
