Beijing Auto Takes Up Stake In Koenigsegg

When Koenigsegg announced that it was interested in taking over Saab from GM, other than the usual questions on whether the Swedish supercar company would have the ability and experience to turn the brand around, there was also the question of how Koenigsegg was going to finance the deal.

Of course they're going to get help – and the first 'partner' has been announced – Beijing Auto. Beijing Auto will be taking up a stake in Koenigsegg which will help them finance the Saab takeover bid. "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 government financing," said Koenigsegg CEO Christian von Koenigsegg.

Beijing Auto was not successful in their bid to get a piece of the GM Europe pie with Opel and Vauxhall, but plan B seems to have worked – they now have another way in through Saab. There were also rumours earlier this year that Beijing Auto is seeking to buy Delphi's non-core assets and Volvo, though now Geely is the only sole bidder for Volvo. Beijing's JV partners in China include Daimler AG and Hyundai.

© 2009 Paul Tan's Automotive News. All Rights Reserved.

This story originally appeared on Paul Tan's Automotive News on Wed, 09 Sep 09 20:49:48 +0800.