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China: Asian Electric Car Startup Buys Bankrupt Saab Auto

A Chinese-Japanese investment group has agreed to purchase bankrupt Saab Automobile with plans to resurrect the company as a maker of electric cars.

The struggling Swedish car maker was brought out of bankruptcy by a consortium called the National Electric Vehicle Sweden (NEVS) AB. Financial terms of the sale were not disclosed. NEVS, formed by Japanese, Swedish ,and Chinese stakeholders, plans to establish a new venture in Trollhättan, Sweden exclusively dedicated to development and manufacturing of electric vehicles.
The first vehicle under the plan will be based on Saab’s 9-3 car, which will be adapted to electric with advanced technologies from Japan, and go on sale in early 2014, NEVS and Saab said in a joint statement. The company will also develop a completely new electronic model using “cutting edge” Japanese technology.
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