Saab Automobile owner Spyker Cars NV Monday said it has found a new partner in China - Pang Da Automobile that will provide fresh funds for the troubled Swedish car maker, giving investors hope the company can survive after a previous deal collapsed last week.
“The memorandum of understanding includes a strategic alliance consisting of a 50-50 distribution joint venture,” Spyker said in a statement.
Spyker said Monday that Pang Da will inject euro65 million ($92 million) for a 24 percent stake in Spyker, and the two will form a 50/50 joint venture for Saab cars in China.
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