#Baic

Tesla isn’t just popular on the internet and in the U.S., the American automaker is the best-selling brand in major markets around the world.

Chinese automaker Beijing Automotive Group is planning to fast track its global expansion and is looking to buy a US automaker in order to do so.

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.

The Swedish government is putting the pressure on General Motors, saying that it must make a decision this week on the sale of Saab if the deal is to go through by the end of the year. “They must at least have chosen one of the interested parties this week, otherwise it will be tough to complete a deal,” said Swedish Enterprise Ministry secretary Joran Hagglund in an interview published in the country’s daily newspaper, Svenska Dagbladet.

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.