Beijing Automotive Industry Holding Corp (BAIC) on Wednesday said that it bought technology from Saab, GM's Swedish unit, for US$200 million and will launch new car models based on the technology as early as 2012.

GM bought the Swedish automaker for $800 million in 2000, but sought to sell it after filing for bankruptcy protection. After acquisition talks with Swedish sports car maker Koenigsegg and Danish automaker Spyker hit snags, GM is now selling off its technology and may retire the brand.

BAIC said that it acquired three vehicle platforms, two engine technologies, and production facilities as well as intellectual property rights for two transmission systems and Saab 9-5 and 9-3 models.