Saab bought by National Electric Vehicle Sweden

Posted in Cars, International News, Saab / By /

Saab bought by National Electric Vehicle Sweden

Well, after all the unfettered drama, looks like Saab Automobile is set to live on. The brand has a new owner, and it’s National Electric Vehicle Sweden, or NEVS. Both NEVS and the Receivers of the Saab Automobile bankruptcy estate have signed a purchase agreement that covers the main assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools for an undisclosed sum. Saab Automobile Parts, as well as intellectual property rights for the Saab 9-5, which is owned by General Motors, haven’t been included in the purchase agreement.

The NEVS name may imply things are kept Swedish, but it’s really an international consortium formed primarily by Chinese and Japanese stakeholders – 51% of NEVS is owned by Hong Kong-based National Modern Energy Holdings and 49% by Japanese investment firm Sun Investment.

While the Saab name continues on, it’s changing tack in its direction – the new company aims to establish a fresh automobile venture in Trollhättan solely dedicated to the development and manufacturing of electric vehicles. NEVS announced that the first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan, with a targeted launch towards year-end 2013/2014.

In parallel with the EV conversion of the 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

Looking to sell your car? Sell it with Carro.

10% discount when you renew your car insurance

Compare prices between different insurer providers and use the promo code 'PAULTAN10' when you make your payment to save the most on your car insurance renewal compared to other competing services.

Car Insurance

Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • Mohd on Jun 14, 2012 at 4:18 pm

    ‘with an initial focus on China, projected to be the largest and most important EV market’

    And that EV for the chinese market will be made in Trollhättan / Sweden? ;)

    BTW: Where do the consortium get the ‘advanced EV technology from Japan’ from? Toyota? Nissan? Will they sell this technology to a chinese/japanese consortium?

    Like or Dislike: Thumb up 0 Thumb down 0
    Reply
  • a.car.fan on Jun 14, 2012 at 5:26 pm

    Good to hear that the ‘Saab’ marque isn’t buried 6 feet under (again). Now, NEVS faces a very tough challenge to get the brand back in the game.

    Like or Dislike: Thumb up 0 Thumb down 0
    Reply
 

Add a comment

required

required