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China’s BAIC has received a $2.93 billion line of credit from the Bank of China, says Reuters.
The question of course is: What for?
BAIC, the car company owned by the city of Beijing, has said before it might still be interested in buying Saab from GM. When questioned again, BAIC declined to comment.
The money “is more than enough for production expansion,” said Li Chunbo, an analyst with CITIC Securities. Expand for what? BAIC doesn’t even have its own brand and relies on joint ventures with Hyundai and Mercedes. Of course, the suspicion is Saab again.
If that won’t materialize, BAIC certainly will be able to put the money to good use. It’s a line of credit after all. Nobody says it MUST be drawn on.
5 Comments on “Ka-Ching! BAIC Has The Funds To Buy Saab...”
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Think SaabsUnited reported that BIAC has just purchased all the tooling for the prior generation 9-5. That certainly takes up some of that line of credit, but not much, I’d think. Wonder what they’ll use the rest for…
Common Bertel, you couldn’t find a sexy Asian bank teller to put as the lead picture? I’d fix it for you but my employer’s internet is more strictly blocked than yours in China is.
Sorry about that. I could provide a lot of pictures of sexy Asian tellers where you can make deposits, but none where you can make withdrawals … strictly in the financial sense, of course.
(rimshot) Don’t forget to tip your waitress, folks!
Ok, with all the tea in China and free enterprise going along with it the only suitor for SAAB is city of Bejing? So, is it just the Bejing Commies (probably the most important once) will own SAAB (along with BAIC) or they share it along other region of commie land? Bertel?