BAIC buys some Saab intellectual property rights

BAIC announced Monday that it has reached a deal with Saab to buy the Swedish automaker's intellectual property rights for some Saab 9-3 models, the current 9-5 models, and powertrain technology and tooling.

Saab said that tooling for its current 9-5 model will move to China where it will be used to make BAIC vehicles, and Saab will assist BAIC in integrating the technology into their vehicles.

A BAIC spokesman said Monday that the hard work the two automakers did in the past two weeks sets a milestone for strategic cooperation, and lays a firm foundation for the two to expand their cooperation in the future.

Agencies and Shi Jierui contributed to this story