Buyer of bankrupt Saab aims at electric cars for China Reuters

23 Мар 2014 | Author: | Комментарии к записи Buyer of bankrupt Saab aims at electric cars for China Reuters отключены
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TROLLHATTAN, (Reuters) — A Chinese-born investor with Japanese has agreed to buy bankrupt automaker Automobile and plans to bring it to life as a maker of electric with an initial focus on the market.

Saab, which has making cars since crashed into bankruptcy at the end of less than two years former owner General ( GM.N ) sold it to Dutch Spyker.

Though an admired with a loyal fanbase, had struggled for years to survive bigger competitors.

The bankruptcy said on Wednesday they had a consortium called National Vehicle Sweden (NEVS) AB to buy for an undisclosed sum, beating off a bid Chinese group Zhejiang Lotus Automobile.

Through the purchase of Saab we a new era in the auto industry, NEVS executive and main owner Kai Jiang told a news

Marketing and sales will be but initially we will focus on It’s there we see the biggest for electric cars, added who was born in China but has Swedish He already has wide interests in production from biomass in

NEVS said it aimed to a new electric car based on the Saab 9-3 which would be launched at the of 2013-2014. A completely new model of car on Japanese technology and a future platform would also be

Saab has risen again, Paul Akerlund, the mayor of and a former union boss at

Despite his enthusiasm, NEVS Karl-Erling Trogen said would initially need about 200 staff, well the 3,500 Saab used to

The numbers would increase as the launch of a new car approached, added a former head of the trucks at truck and construction equipment Volvo, a separate company the Volvo car maker, itself

NEVS said it had bought of the assets of the bankrupt estate, but not the parts business, which is now by the Swedish state after it a loan on behalf of the old Saab. It bought the rights to the Saab 9-3 and a platform for future Saabs, Phoenix.

But the rights for the Saab 9-5 and 9-4X not included in the deal as these are covered by licenses from GM.

GM has blocked deals to sell to Chinese buyers, which attributed to it wishing to protect its cooperation with state-run Motor Corp Ltd (Shanghai ( 600104.SS ).

GM spokesman Jim Cain the deal does not involve GM licenses if it covers only the 9-3 and platforms. The issues that at stake revolved around the and the 9-5 technology licenses, he said. was the big issue impacting the previous

NEVS said talks still going on over the brand, which was jointly by the former car maker and the separate and aerospace group of the same from which the car firm in 1990.


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Jiang’s Modern Energy Holdings Ltd has 51 of NEVS while Japanese Sun LLC has 49 percent.

NEVS said Sun was owned by private investors, and companies and was formed to finance the of Japanese environmental technology.

No on financing were given, but said enough funds in place until breakeven was He did not specify when that be.

Saab was declared insolvent at the end of with debts of about 13 Swedish crowns ($1.8 around 2.2 billion of which is to the Swedish Debt Office.

Saab presented its first in 1947 after moving out of engineering and built a small, following.

GM bought 50 percent of the car in 1990 and the rest in 2000. It to sell the brand in 2009 the financial crisis and almost it before Swedish Automobile, called Spyker, bought in January 2010.

Saab’s contrasted with rival successfully rescued by Geely Holdings Ltd ( 0175.HK ) in 2010.

its well-known name, Saab was a player and analysts had long its future. Its plants had the capacity to more than 100,000 a year running on two shifts. made almost four that last year, GM sold over 9 million in 2011, including joint

(additional reporting by Ben Klayman in Editing by Dan Lalor and Mark

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