The original news was the General Motors was going to fold Saab forever but a deal with Beijing Auto will keep the name alive.
Beijing Auto is buying the intellectual property for two sedans and equipment to produce those cars.
The two cars are the current 9-3 sedans and 9-5 mid-size car including the turbine engines and gearbox technology as well as some of the brand’s manufacturing equipment.
The Swedish carmaker said that tooling for its current 9-5 model will move to China where it will be used to make Beijing Auto’s vehicles, and Saab will assist the Chinese automaker in integrating the technology into its future vehicles, perhaps its own Beijing-brand cars.
This is seen as part of China’s broader plans to create several globally competitive automakers by consolidating domestic auto companies and acquiring troubled foreign auto assets or their technologies.
Gasgoo reported that Beijing Auto, China’s 5th-biggest carmaker, obtained a $2.93 billion line of credit from the Bank of China earlier this month.