The Beijing Auto deal doesn't include the rights to the Saab brand or model names.
Saab Automobile AB announced today that it had closed on the sale to Beijing Automotive Industry Holdings Co. Ltd (BAIC) some Saab 9-3 technology, the older 9-5 production tooling and some powertrain technology.
Saab will assist BAIC in integrating these unnamed technologies into future BAIC vehicles.
Financial details of the sale were not released.
The older production tooling used for the 9-5 sedan will move to BAIC, where it will produce the cars as BAIC models. The agreement does not include any rights to the Saab brand name, or the model names. BAIC currently produce trucks under its own brand name.
Saab 9-3 and the new replacement 9-5 model, which is not yet on sale, remain in production in Trollhättan, Sweden.
While not preserving any Swedish jobs, or even guaranteeing the future of loss-making Saab, the latest move gives Saab the promise of some revenue as owner General Motors contemplates several offers for the brand.
Sweden’s Koenigsegg Automotive AB withdrew from an agreement to purchase the company in November.
“This arrangement is excellent for both parties, now and for the future,” said Jan Åke Jonsson, Managing Director of Saab Automobile. “We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”