The news follows yesterday's (2 May) announcement that Saab had received 30 million euros to enable it to restart production after the beleaguered carmaker called a halt on 6 April.

Under the agreement Hawtai will invest €150 million, giving it a maximum 29.9% share.

Victor Muller, CEO of Spyker and chairman of Saab Automobile, said: 'The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required mid-term financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer.

'We expect that Saab's unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market. Our driver-oriented vehicles appeal to a whole new group of independently thinking customers who appreciate Saab's advanced designs, safety and responsible performance.

'With Hawtai's clean diesel engine technologies and production capacity, and its ambitious development programs, we have found the right partner to develop the Saab business and build a solid relationship.

Hawtai Motor Group Company is a privately-owned automotive company with its headquarters and R&D centre located in Beijing, and two production facilities located in Ordos, Inner Mongolia and Rongcheng, Shandong Province.

Hawtai currently has an annual production capacity of 350,000 vehicles, 300,000 diesel engines and 450,000 automatic transmissions and is looking to increase this to 1 million vehicles, 1 million engines and 1 million automatic transmissions by 2015.