BAIC grabbed a share of Saab

It has been confirmed that Beijing Automotive Industry Holding -- which recently failed in its bid for Opel -- has grabbed a share of Saab Automobile from General Motors Corp.

BAIC won't have stakes in Saab but it will provide the $400 million difference in cost that Koenigsegg needed to complete the sale and now the final financial hurdle is for the Swedish government to guarantee a $600 million loan from the European Investment Bank to Koenigsegg.

According to Financial Times, Saab's appeal for BAIC lies in its knowhow in building models such as the all-new version of its flagship 9-5 sedan due to debut in Frankfurt next week. The brand, headquartered north of Gothenburg, will come with engineering and design staff of about 1,000 inherited from GM.

For Saab, the tie to BAIC -- and Russia, Augie Fabela, a cell-phone company magnate -- could open up two enormous markets that will give Saab access to market numbers that could justify its purchase price and existence.

Meanwhile Chinese carmaker Geely Automotive confirmed on Wednesday that its parent is involved in a bid for Ford Motor's Volvo Cars unit, but some Swedish government officials have expressed worries about job losses and intellectual property leakage to China.