Saab technology heading East

News reports from China suggest that Beijing Autos has agreed to purchase technology from the orphaned Saab unit, clearing the way for another buyer to swoop in and buy the rest of the Swedish brand.

There have been few details forthcoming from either party on the deal and no word on costs or a timeline.

An announcement today from the state-owned BAIC suggests it wants to own the rights to some powertrain technology for Saab’s 9-5 and 9-3 sedans. The Associated Press is reported that production equipment will be moved to China and Saab will support BAIC’s efforts to start making new vehicles with the Saab technology.

“This arrangement is excellent for both parties, now and for the future,” Jan Eke Jonsson, managing director of Saab Automobile, said in a statement released by GM on Monday. “We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”

Currently, BAIC makes trucks for the Asian market under its own brand name.

Talks to sell the rest of the brand to another buyer continue after Swedish sports car maker Koenigsegg Automotive AB failed to secure a sales agreement with GM late last month.

- with files from The Associated Press