Saab finalizes deal to export cars to China
Spyker Cars N.V., the corporate parent of Saab Automobile AB, completed an agreement with China Automobile Trading Co. Ltd. to import Saab vehicles into China.
The two companies signed an initial memorandum of understanding in December.
China Automobile, a state-owned company formed in 1993, has sold vehicles from Volkswagen AG, Chrysler Group LLC and Ford Motor Co.
Starting in September, China Automobile will act as Saab's official importer, Spyker said in a statement. The Chinese company will take over distribution and sales from Shanghai General Motors Co. Ltd.
Saab China will initially maintain a network of ten dealerships. The company will sell the Saab 9-5 premium sedan and the 9-4X crossover.
Last October, Saab said it projected initial Chinese sales of 2,000 to 5,000 cars a year. At the time, Saab also said it hoped to launch production in China to boost sales to 50,000 units a year.
In 2008, Saab sold 860 cars in China.
Spyker, a Dutch sports-car manufacturer, purchased Saab last year from General Motors Co.
