Koenigsegg inks Saab deal with BAIC

LUXURY sportscar maker Koenigsegg yesterday said that China&rsquo;s Beijing Automotive Industry Holding (BAIC) would take a stake in the group to help finance its purchase of Saab Automobile from General Motors.<br /><br />Koenigsegg said in a statement that the memorandum of understanding signed with BAIC would see the Chinese firm take a minority stake in Koenigssegg Group, which in turn would own 100 per cent of Saab.<br /><br />&ldquo;This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing,&rdquo; Koenigsegg chief executive Christian von Koenigsegg said in the statement.<br /><br />Koenigsegg, backed by US and Norwegian investors, struck a deal earlier this year with GM to buy the Detroit automaker&rsquo;s loss-making Saab Automobile business, but questions remained regarding the financing of the deal.<br /><br />BAIC, ranked fifth in China, dropped out of bidding for Opel in July and had been tipped by some as a possible bidder for Ford-owned Volvo Cars. The move comes as car makers report a boost in sales worldwide thanks to scrappage schemes.