Beijing Automotive joins bid for GM's Saab unit

Beijing Automotive Industry Holdings has joined sports-car manufacturer Koenigsegg Group’s bid for General Motors’ Saab unit, Bloomberg reported. The Chinese carmaker will become a minority shareholder in the group looking to purchase the unprofitable Swedish unit, which was granted protection from creditors in February. Saab would retain production in Sweden, though it may build assembly lines or start partial production in China to avoid tariffs, said Christian von Koenigsegg, founder of Koenigsegg Group. Saab sold fewer than 100,000 vehicles worldwide last year and has no presence in China, the world’s largest car market. As part of the deal, Beijing Automotive may start sharing technology with Saab, von Koenigsegg added. Chinese carmakers have been looking for investment opportunities in Europe to gain sales and technology. Beijing Automotive has also expressed an interested in GM’s Opel and Vauxhall, while Geely Automobile Holdings said yesterday that its parent is involved in a possible bid for Ford Motor’s Volvo units in Sweden.