Back in 2009, Beijing Auto was able to purchase the rights to several Saab platforms, engines and transmissions. Now that buyout will result in the C70, set to debut at the upcoming Beijing Motor Show.

Alright, so it’s not actually a new Saab per se, but the C70 is one of three Saab-based models that Beijing Auto hopes to launch shortly. Despite having the rights to the Swedish automaker’s platform and some of its drivetrains, Beijing Auto had to come up with a new body for the car. Rumors have us to believe that Italy’s Pininfarina was tasked with the job.

For the most part, the car’s design has been kept secret except for this single teaser sketch released by the Chinese automaker. Those reporting to have seen the C70 said that it’s more premium than the Saab 9-5 and they believe it could sell in any market. After its debut at the Beijing Motor Show, the C70 will be on sale in China sometime before the end of 2012.

[Source: Auto Sina]

It has styled some of the most memorable cars in history, including scores of Ferraris, but more recently the famed design house Pininfarina, has fallen on hard times. It’s been up for sale for several months, though now, might have a potential buyer, in the shape of Bejing Automotive Industry Corp (BAIC).

Fueling the speculation that BAIC is in the process of a serious bid for Pininfarina, are quotes from a Chinese website (ee0.com) which said that an unnamed BAIC executive recently returned from Italy where he was in discussion with Pininfarina regarding collaboration on a new car based on the Saab 9-3.

BAIC currently owns the tooling, intellectual property and powertrain technology from the current Saab 9-3, which it purchased from General Motors and is already working on several new cars based on this platform, a new Pininfarina styled 9-3 could be one of them. If such a car does indeed materialize, it will probably make its debut at the 2011 Beijing Auto Show.

However, besides BAIC, that same media website (eeo.com), also reported that other Chinese firms, Anhui Jiangling and Brilliance, have also expressed interest in acquiring Pininfarina, along with India’s Mahindra and Canada’s Magna International. It’ll be interesting to see what happens.

[Source: Inside Line]

General Motors has reached an agreement to sell off part of its struggling Saab division to China’s Beijing Auto (BAIC). The deal would see BAIC take control of Saab’s rights assets and tooling assets of the past 9-5 and 9-3 models in order to build those vehicles in China.

Saab’s future has been uncertain for several weeks after a group led by Swedish supercar maker Koenigsegg suddenly withdrew its interest in purchasing the brand.

Beijing Auto was actually a part of the Koenigsegg-led group and had agreed to fund a considerable potion of the purchase in return for the rights which it has now secured.

What BAIC won’t be buying any of Saab’s current production or design technologies, leaving those aspects of the company still up for bidding. Currently two bidders are rumored to be the main rivals: Renco and Dutch exotic car maker Spyker Cars. A recent report in the Swedish daily Svenska Dagbladet pointed towards Spyker being the favored bidder, party because of its experience in the auto industry.

An unnamed Saab official quoted by the New York Times said that this sale, “would be good for Sweden, good for China and good for Saab.”

In the midst of all this uncertainty, Saab is preparing to launch its new 9-5 model, which is the first full overhaul of the car since it debuted 12 years ago.

So far GM has had little success in dividing up its company since it emerged from Bankruptcy. The company is in the process of closing its Pontiac unit but couldn’t find a buyer for the Saturn brand after a deal with the Penske Automotive Group fell through. A deal to sell Hummer to a Chinese industrial equipment manufacturer has yet to be completed.

[Source: NYTimes Blog]

Yesterday’s positive news for the Saab faithful has once again been met with the grim reality of the Swedish automaker’s situation. Just 24 hours ago news emerged that China’s Beijing Auto (which supported the Koengisegg-led purchase of Saab) had secured $2.93 billion in loans from the Chinese government – which would presumably be used to purchase the European automaker in its entirety.

As positive as that news is, now word has emerged that Beijing Automotive Industry Holding Group (or BAIC) is only interested in certain Saab assets, such as tooling and technology. The Reuters source from which this information comes also said that BAIC is not interested in Saab’s manufacturing facilities in Trollhattan, Sweden.

Instead BAIC is interested in Saab’s old technology and is interested in selling the previous generation 9-3 and 9-5 models in China. Earlier reports had suggested that BAIC was scheduled to receive these assets in return for propping up the Koenigsegg purchase.

GM is still looking for a buyer for Saab but if one cannot be found this could very well be an untimely end to the Swedish automaker just as it prepares to launch its new flagship sedan, shown for the first time in North America just last week at the LA Auto Show (above).

[Source: Reuters1 and Reuters2]