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Saab bought by electric car consortium

AFP/The Local · 13 Jun 2012, 13:55

Published: 13 Jun 2012 13:55 GMT+02:00

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"It is a great day today for me to stand before you and say we have reached an agreement with the administrators," Nevs CEO Kai Johan Jiang said during the press conference.

Earlier this month, the group of Chinese and Japanese investors said they submitted an offer for Saab in April, before the deadline for bids expired.

The Swedish-registered firm founded by a Hong Kong-based company specializing in alternative energy and a Japanese investment fund, declined to disclose the amount of the offer at the time.

However, on Wednesday an agreement was signed.

"Nevs and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB," NEVS and Saab bankruptcy administrators said in a joint statement.

Chinese carmaker Youngman was also known to be interested in buying Saab.

Swedish media have reported that Youngman placed a preliminary bid in late January or early February of about two billion kronor ($280 million).

Youngman has long been interested in Saab and tried to snap it up before it declared bankruptcy but those efforts were thwarted by the Saab's former owner, General Motors, which balked at transferring the necessary technology licences.

Reports have also surfaced that Indian commercial utility vehicles manufacturer Mahindra & Mahindra has placed a bid as well.

Story continues below…

Saab was on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) -- at the time called Spyker -- for $400 million.

Bankruptcy administrators said in April that Saab had assets to cover only just over a third of its debt of 13 billion kronor.

AFP/The Local (news@thelocal.se)

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Your comments about this article

12:02 June 13, 2012 by Eagle63
Hopefully Saab can eventually be restored to its former (pre-GM) glory.

Let's wait and see....
14:37 June 13, 2012 by coldjava
Damn SAAB, do all the Swedish firms have to be sold to the chinese??
14:48 June 13, 2012 by Carbarrister
I wish SAAB the best, but I wonder what NEV purchased? Plant and equipment? No reference to receiving any licenses from GM.
15:02 June 13, 2012 by Oren Kipnis
Wish only the best and all the best to SAAB.

A new era will begin now, and hopefully new models will be developed soon.

Good bye and never see you again GM.
05:02 June 14, 2012 by Freebie
Saab might be compared to an aging foster child--handed off from one caring family to another. Unfortunately, as the child ages and loses its 'cuteness,' it becomes more difficult to find a new home. Even General Motors, spending millions to 'make the kid more attractive,' was not enough enticement to persuade potential adoptive car buyers. The odds of a Chinese company strapping a battery pack on this kids back, and expecting sales to boom in this current sluggish economy is about as likely as those lucky numbers inside a fortune cookie hitting the jackpot. That being said, for the sake of the Swedish labor force, 'good luck.'
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