Saab takes on new life
The Swede was sold overnight for an undisclosed amount.
Now the brand is transforming into an all-electric car company focused on the Chinese market. The Swede was sold overnight for an undisclosed amount.
The buyers are a consortium of Chinese and Japanese environmental technology companies. It will retain its Saab nameplate but lose the round logo and become the property of National Electric Vehicle Sweden AB (NEVS), which is 51% owned by Hong Kong-based alternative energy group National Modern Energy Holdings and 49% owned by Sun Investment. Japan LLC.
NEVS made a huge investment in Saab by buying out the company that owns the manufacturing plant in Trollhätten, buying the Phoenix platform intended to replace the 9-5, the intellectual property rights to the 9-3, tools, manufacturing plant and test and laboratory equipment. Saab Automobile Parts AB and the intellectual property rights to the Saab 9-5 owned by General Motors are not included in the sales contract.
Recipients of the bankrupt Saab say the deal was cash. NEVS chairman Karl-Erling Trogen says: "In about 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technological electric drivetrain." The company discreetly designed and developed its first electric car in China and Japan. 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.
It is expected to be launched in early 2014. NEVS CEO Kai Yohan Jiang says that the work will now continue in Trollhättan. Mr. Jiang is also the owner and founder of National Modern Energy Holdings. The company says marketing and sales of its first vehicle will be global, with an initial focus on China, which is forecast to become the largest and most important market for electric vehicles.
“China is investing heavily in the development of the electric vehicle market, which is a key driver of the ongoing technology shift to reduce dependence on fossil fuels,” says Mr. Jiang. “The Chinese are increasingly able to afford cars. However, global oil reserves would not be enough if they all bought cars that run on petroleum fuel.
“Chinese customers are looking for a premium electric vehicle that we can offer by acquiring Saab Automobile in Trollhättan.” NEVS reports that the recruitment of senior staff and key positions continues. As of last night, about 75 people received job offers.
