SWEDEN: Saab reborn as electric vehicle maker
Under new management: Saab Trollhattan site acquired by a Swedish, Chinese and Japanese joint venture to make EVs
A new multi-nation-owned company, National Electric Vehicle Sweden, (NEVS) has hoovered up the main assets of bankrupt Saab Automobile from receivers and will establish a new venture to develop and make electric vehicles in the automaker's former home of Trollhättan, Sweden.
NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders.
The purchase agreement covers the main assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools and includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden.
The price was not been disclosed but Saab Automobile Parts - and General Motors' intellectual property rights for the 9-5, the last new model Saab launch, were excluded.
“The sale to NEVS is our most important action to realise the assets of the estate,” said receivers Anne-Marie Pouteaux, Hans Bergqvist and Kent Hägglund.
“From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today (13 June), having reached this agreement.”
The first model EV will be based on the current Saab 9-3, modified for electric drive using Japanese technology, with a launch target of new year 2013/2014.
Another completely new model will also be developed, also based on Japanese technology. These EVs will be sold worldwide, starting initially in China, which NEVS said was 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, 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. It is hiring key managers now and will recruit skilled engineers to Trollhättan to start product development immediately.
Chinese manufacturer, Youngman, has invested EUR10m (US$13m) in Spyker for 29.9% of the capital in a deal subject to completion of due diligence....
Spyker says the US District Court Eastern District of Michigan has issued a Notice to General Motors, Spyker and Saab Automobile to appear for oral argument on GM's Motion to Dismiss on 19 February ne...
General Motors appears to be reviving the El Camino nameplate for North America, this time on an Australian-made variant of the Holden Commodore Ute (for utility or pickup truck)....
New vehicle registrations in New Zealand in November continued their strong run towards the end of the year, a local automakers' association said....
General Motors will grow its dealer networks in Indonesia and Thailand to tap rising incomes in the two countries....
Ford's said its upmarket brand, from the newly renamed 'The Lincoln Motor Company' wants "once again be a major competitor in the premium automotive marketplace", starting with the new MKZ midsize lux...
- ANALYSIS: Hyundai axes Veloster, goes after Toyota
- Review of 2014 (1)
- ANALYSIS: Future models for North America - Part 2
- ANALYSIS: Future models for North America - Part 1
- THE WEEK THAT WAS: Bleak Christmas ahead for some
- Ford union to block "even a screwdriver" at Genk
- JLR research removes blind spots
- Genk mayor organises "loudest shift" as Ford exits
- NHTSA lists Ford, Jaguar and Porsche recalls
- Bye, Chrysler, hello FCA US