Car manufacturer Saab has been bought by National Electric Vehicle Sweden (NEVS), an international consortium formed by Japanese, Swedish and Chinese stakeholders. The new company will establish a new automobile venture in Trollhättan, solely dedicated to the development and manufacture of electric vehicles (EVs).
National Electric Vehicle Sweden AB (NEVS) and the Receivers of the Saab Automobile bankruptcy signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The agreement includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden. The price for the assets has not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.
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. The Launch is scheduled for year-end 2013/2014.
In parallel with the EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.
"China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels," said Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS. "The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan."
NEVS aims to become a leading manufacturer of electric vehicles. They are now in the process of trying to recruit for a number of key positions in the company with the next steps to hire skilled engineers at the Trollhättan site. The development will be conducted in collaboration between Swedish, Japanese and Chinese engineers.