BAIC secures $2.9B line of credit, sends 'Thinking of You' card to Saab
Dec 7, 2009 
Beijing Automotive Industry Corporation (BAIC) has recently been approved for a line of credit from Bank of China to the tune of 20 billian yuan, which translates into 2.93 billion USD. BAIC was a major player behind the sale of Saab to Koenigsegg, and expressed interest in picking up where Koenigsegg left off when their deal went south. BAIC declined to comment on whether their newfound loot was destined to help save the Swedish stalwart.
There are several Chinese automakers that are becoming very interested in entering the North American market, and one way that they're trying to do this is by buying up unwanted automakers with an established base in North America. For example, Tengzhong buying Hummer from GM, Geely hoping to finalize their purchase of Volvo, and this deal for Saab. On top of that, the North American International Auto Show in Detroit is seeing more and more Chinese automakers displaying wares every year, including Brilliance, BYD, and Changfeng.
BAIC currently does not have its own brand of cars that it produces, but it has tie-ups with Mercedes-Benz and Hyundai, and adding Saab could be the break they need to becoming a global automaker.
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