Saab Bought by Chinese-Japanese Consortium to Build Electric Cars

Never say it’s over with Saab as the Swedish automaker seems to have more lives than the proverbial cat…

Bloomberg News reported today a consortium named National Electric Vehicle Sweden AB, which is led by Japanese investment firm Sun Investment and Hong Kong-based renewable-energy power-plant builder National Modern Energy Holdings Ltd., has agreed to buy Saab and turn the company into an electric carmaker.

The National Electric Vehicle Sweden AB consortium was recently formed with the sole purpose of acquiring Saab.

The Swedish administrator of the bankruptcy process released this short statement on the matter:

“The company will start a new operation in Trollhättan (Saab’s headquarters in Sweden) where all development and production will be focused on electric cars.”

The administrator has yet to reveal specific data on the financial details of the agreement.

Saab went into bankruptcy in December of 2011, less than two years after former owner General Motors sold the company to Dutch group Spyker. The Swedish automaker hasn’t produced a car at its Trollhättan plant since March of 2011.

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