Saab Auto Sold to ChinaJapan Group in ElectricCar Push Businessweek

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Saab Electric Cars

Saab Auto Sold to Group in Electric-Car Push

By Ola June 13, 2012

Saab sit above the Saab Automobile in Trollhaettan, Sweden. Photographer: Abel/Bloomberg

A Chinese-Japanese investment agreed to buy Saab Automobile and the bankrupt Swedish manufacturer a maker of electric cars.

The vehicle under the plan be based on Saab’s 9-3 car and will go on early in 2014, with as the main market, purchaser Electric Vehicle Sweden AB and the administrators for Trollhaettan-based Saab today in a joint statement. The agreed not to disclose the price of sale.

“We’re striving to be a company for electric cars,” Bergman, a spokesman for National Vehicle Sweden, said at a conference in Trollhaettan. “It’s not about China being a big for electric cars, it’s about China having the to make the investments required and the needed infrastructure.”

The purchasing group consists of Kong-based renewable- energy builder National Modern Holdings Ltd. which 51 percent, and Japanese investment Sun Investment. The Swedish manufacturer be entering a market that the Chevrolet Volt, made by Saab owner General Co. (GM:US ). and Fisker Automotive $103,000 Karma hybrid sports car, models have been the subject of probes following vehicle

Competing Suitors

Competing for Saab included Jinhua, Zhejiang Youngman Lotus which was in talks since at February and made a revised bid 4 billion kronor ($567 as late as June 8. Anne-Marie and Hans Bergqvist, Saab’s administrators, said early in that a half-dozen parties had interest in buying the company.

Kai Johan Jiang, founder and owner of National Modern Holdings, will become executive officer of National Vehicle Sweden, spokesman said on a call with

Saab, the maker of the 9-5 sedan and crossover vehicle, hasn’t cars since last following an initial production in March 2011, and it filed for in December. Saab has been for most of two decades, and GM, which full control of the manufacturer in sold it in February 2010 to supercar maker Spyker NV.


GM’s Volt and Motor Co.’s electric model missed U.S. targets for last year. The National Highway Traffic Administration is looking into the of lithium-ion batteries amid of fires involving the Volt and the

“Electric cars are a very business with a lot of risk,” and been almost no demand for said Ferdinand Dudenhoeffer, of the Center for Automotive Research at the of Duisburg-Essen, Germany. The models are euros to 15,000 euros expensive than equivalent cars, and their restricted also makes them attractive, he said.

Saab has near bankruptcy several including in 1989, the year GM bought a 50 percent stake. The company, seeking to stem planned in late 2009 to the Swedish unit, after to close the Saturn, Hummer and divisions in the U.S. until CEO Victor Muller persuaded it to the brand to him.

Deliveries Drop

Saab Electric Cars

After peaked at 133,000 deliveries in Saab sold just vehicles in 2010. Deliveries hurt that year Saab needed longer expected to restore production after GM emptied the factory and cut the supplier ties, Muller in 2011.

No sales figures been released for 2011. Geers, a former Saab who now works for startup Chinese Qoros Auto Ltd. in February that the Swedish sold 10,000 to 15,000 last year.

Saab roots date back to the establishment of aircraft manufacturer Aeroplan AB, which began cars in 1947. The auto was split from the aerospace now called Saab AB (SAABB), in the About 3,600 people at Saab Auto before its including 3,400 in Trollhaettan.

‘Key’ Recruitments

Saab new owners have started of “key people,” mainly and designers, Bergman said, to say how big its workforce will be. The investors the long-term financing needed to business-plan goals, he said, to say when Saab Auto may even.

The Swedish government may over Saab’s spare-parts which wasn’t included in purchase and was separated in the bankruptcy Bo Lundgren, head of the country’s office, said June 8. The got the components business as collateral for a 2.2 billion-krona loan Saab got the European Investment Bank the carmaker didn’t repay.

over the unit “is still one of our Unni Jerndal, a debt spokeswoman, said today by declining to comment further.

To the reporter on this story: Ola in Trollhaettan via

To contact the editor responsible for story: Chad Thomas at

Saab Electric Cars
Saab Electric Cars
Saab Electric Cars
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