Saab Financing Plan In the Ditch

It's not very likely you're planning to buy a Saab but just in case the thought had crossed your mind, now might be a good time to visit a BMW or Acura dealer.

Saab's latest plan to struggle back into production hit a roadblock yesterday as China's Hawtai Motor Group backed out of a proposed partnership with Saab owner Spyker Cars, the Swedish carmaker that took Saab in after it was ejected from the General Motors household.

Now, it's back to the parking lot as Spyker Chairman Victor Muller looks for a new partner, patron or lender. Automotive News reports that Muller is in talks with Great Wall Motors, a Chinese manufacturer that makes SUVs.

Muller had been in Washington, D.C., earlier in the week at a press event for the Saab 9-4X crossover. Sales of the new model are supposed to begin in June but with production at a standstill as the company seeks funding, it's hard to see how anyone other than collectors will be willing to roll the dice and drive off in a Saab.

“The transaction with Hawtai was subject to definitive transaction documentation and certain conditions, which included the consent of different stakeholders,” Spyker said in a statement.