{"id":13336,"date":"2012-06-12T22:06:37","date_gmt":"2012-06-12T22:06:37","guid":{"rendered":""},"modified":"2012-06-12T22:06:37","modified_gmt":"2012-06-12T22:06:37","slug":"Saab-sold-to-Chinese-Japanese-founded-company","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=13336","title":{"rendered":"Saab sold to Chinese-Japanese-founded company"},"content":{"rendered":"

Bankrupt Swedish automaker Saab has been sold to National Electric Vehicle Sweden AB (NEVS), a new company registered in Sweden and founded by two firms in Hong Kong and Japan, the two sides said today.<\/strong><\/p>\n

“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 that did not specify the purchase sum.<\/p>\n

NEVS, which is 51-percent owned by Hong Kong-based alternative energy specialist National Modern Energy Holdings and 49-percent owned by Japanese investment firm Sun Investment LLC<\/strong>, was “established for the purpose of acquiring the assets of the Saab Automobile bankruptcy estate,” according to the statement.<\/p>\n

The company explained that it planned to create a new model based on the current Saab 9-3<\/strong>, “which will be modified for electric drive using advanced EV (electric vehicle) technology from Japan.”<\/p>\n

The car should hit the market at the end of 2013 or beginning of 2014<\/strong>, it said.<\/p>\n

Saab filed for bankruptcy on December 19.<\/strong> It was already 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 (308 million euros).<\/p>\n

Bankruptcy administrators said in April that Saab had assets to cover only just over a third of its debt of $1.8 billion (1.5 billion euros).<\/strong><\/p>\n

Asian companies continue to buy the world! ahhhh!<\/strong><\/p>\n

Source AP<\/em>
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