Asian electric car consortium in deal to buy Saab Fox News

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Saab Electric Cars

Asian electric car consortium in to buy Saab

Published June 13,

Associated Press

STOCKHOLM automaker Saab Automobile was rescued from insolvency an Asian consortium sealed a to buy the brand’s main assets the aim of making electric cars.

The tag for Saab’s assets, which the main parts of the automobile division, was not made public.

The National Electric Vehicle AB, is owned to 51 percent by Hong National Modern Energy Ltd. and to 49 percent by Japanese group Sun Investment LLC. It was formed with the purpose of for Saab.

At a hastily called news at Saab’s manufacturing plant in in western Sweden, NEVS it would initially focus the of its electricity cars on the Chinese but that it also has wider to expand more globally in the

China is investing heavily in the electric vehicle market, is a key driver for the ongoing technology to reduce dependence on fossil Kai Johan Jiang said in a founder and main owner of the stake-holder, NMEH. The Chinese can afford cars; however, the oil supply would not suffice if all buy petroleum-fueled vehicles. Chinese demand a premium electric which we will be able to by acquiring Saab.

The consortium said it is already in the of hiring key staff, and is next to recruit a team of engineers to start the product development.

The Saab Parts unit was not in the agreement and the intellectual property for the Saab 9-5 car model, owned by the former owner General Corp. were also

Saab, which has more 3,000 workers, filed for in December last year its previous owner, the Dutch car group Spyker later Swedish Automobile failed to get backing for the brand.

Saab Electric Cars

Karl-Erling a former executive of Volvo and chairman of the newly created said he was thrilled to now start a new venture.

We will match automobile design and manufacturing with Japanese electric technology and a strong presence in Electric vehicles powered by electricity are the future, and the electric car of the will be produced in Trollhattan.

In April, a summary of Saab’s sheet showed the company has of 13 billion kronor ($1.9 and assets of around 3.6 billion ($532 million).

The debts claims of 2.2 billion kronor the Swedish state, 606 million from former owner GM. and 513 kronor from former


Saab also owes GM 2.2 kronor it paid for preferential but the American automotive company only be entitled to that if the produced a surplus, the trustees

GM bought a 50 percent stake and control of Saab in 1989, and full ownership in 2000. The and defense company with the name remained an independent building fighter jets and systems.

Saab Automobile’s peaked at 133,000 cars in After that, sales to 93,000 cars in 2008 and 27,000 in 2009, as GM itself in protection following the financial prepared to wind down the brand.

Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
Saab Electric Cars

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