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++SOUND AS INCOMING++
1. Wide and zoom in of podium of signing ceremony between Spyker Cars, who own SAAB Automobile and Hawtai
2. Close and pan from Spyker CEO Victor Muller to Zhang Xiugen, Chairman of Hawtai
3. Zoom out of shaking hands between Muller and Zhang
4. Cutaway cameraman
5. Wide of Muller talking to reporters
6. SOUNDBITE (English) Victor Muller, Spyker CEO:
“Clearly, it engages in the manufacturing of SAABs in China; the distribution of SAABs in China; also transfer of technology. There is also certainly a component of sourcing of components and parts involved, it is not very far fetched to think that SAAB could be sourcing its future engines from Hawtai’s diesel engine factory. But there are so many positives that you could think of and it will take some time to make an inventory and prioritise them.”
7. Cutaway of cameramen
8. SOUNDBITE (Mandarin) Richard Zhang, Hawtai Vice President:
“We have our advantages, and they have theirs. Two big corporations have come together and the secret is that we are very complementary.”
9. Wide of conference room
10. Wide of podium, Zhang and Muller shaking hands
11. Wide of podium
12. Close of Zhang speaking on stage
13. Cutaway of cameras
14. Various of Muller on stage
A small, privately owned Chinese automaker on Tuesday saved Sweden’s Saab Automobile from imminent collapse through an agreement to provide 223 (m) million US Dollars in funds for the ailing brand.
Saab’s owner Spyker Cars said Hawtai Motor Group will take an initial 30 percent stake in Spyker in the deal which also includes joint ventures on manufacturing, technology and distribution.
The agreement is the latest in a line of efforts by Saab to raise capital, but the first that would provide enough funds to keep the carmaker afloat long-term.
The automaker’s production has been at a standstill since April 6 due to a lack of working capital, but on Monday it said it had secured short-term loans of 88 (m) million US Dollars and aims to restart production within a week.
Spyker CEO Victor Muller told a Beijing news conference that the deal “engages in the manufacturing of SAABs in China; the distribution of SAABs in China; also transfer of technology.”
Meanwhile, Richard Zhang, vice president of Hawtai, said the deal with the “iconic” Saab brand had given his company access to innovative technologies and an international network.
“Two big corporations have come together and the secret is that we are very complementary,” he said.
Hawtai, based in eastern China’s Shandong province, is a relatively new automaker that parlayed a tie-up with Hyundai to build its market strength in China’s fast-growing SUV segment.
It also has licensed Italian engine technology and claims to have advanced know-how in clean diesel engines.
The agreement means Sweden’s two big car makers, both previously owned by US companies, are now in Chinese hands.
Last year Ford Motor Company sold Volvo to China’s Geely for 1.5 (b) billion US Dollars.
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