Saab sold to a Chinese/Swedish investment group..could be resurrected as an electric car brand for the Chinese market.
Bankrupt carmaker Saab has been sold to a Chinese-Swedish investment group which aims to turn the company into a maker of electric vehicles.
Saab’s administrator said the buyer was National Electric Vehicle Sweden (Nevs). No sale price was given.
Saab went bankrupt in December, two years after former owner General Motors sold it to Dutch group Spyker.
Saab “will start a new operation” to develop and produce electric cars, the administrator said in a statement.
The administrator said in April that Saab had assets to cover about a third of its debts of 13bn kronor (£1.2bn).
The chief executive and main owner of Nevs is a Chinese businessman with Swedish citizenship, Kai Johan Jiang.
The chairman of Nevs is Karl-Erling Trogen, a former head of the truck division of truck and construction equipment maker Volvo.
“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 the administrators said in a joint statement.
Saab employs about 3,000 people, with its main base at Trollhattan, west Sweden, where investment in new electric car manufacturing will be made.
GM bought a 50% stake and management control of Saab in 1989, and gained full ownership in 2000.
The Swedish company’s car sales peaked at 133,000 cars in 2006. After that, sales dwindled to 93,000 cars in 2008 and just 27,000 in 2009.
GM itself sought bankruptcy protection as the global financial crisis unfolded, forcing the US company to dispose of assets.
In 2010, Saab’s larger rival carmaker, Volvo, was bought by China’s Geely Automobile Holdings.
National Electric Vehicle Sweden AB (NEVS), a new company created by two firms in Hong Kong and Japan just a few months ago and registered in Sweden with the express purpose of buying Saab, said it would buy the ill-fated automaker for an undisclosed sum.
“I am delighted that we can build on Saab Automobile’s skills in vehicle design and production to start a new future-oriented venture in Trollhaettan (where Saab has its headquarters in southwestern Sweden), where world class manufacturing facilities are available,” NEVS chairman Karl-Erling Trogen said in a statement.
The move brought to an end months of speculation over what would become of Saab, which was finally forced to file for bankruptcy last December after teetering on the edge of the abyss for years.
A number of suitors were eager to snap up the company, including Chinese carmaker Youngman, which reportedly placed a preliminary bid in late January or early February of about two billion kronor ($280 million).
Youngman had aimed to buy Saab even before it went bust, but those efforts were thwarted by Saab’s former owner, General Motors, which had sold it to tiny Dutch company Spyker in early 2010 and which balked at transferring the necessary technology licences to the Chinese.
china snapping up all the bargain buys..i have a video tomorrow that will show you how the US taxpayer funds new car markets and jobs in china for companies like GM..