In a move reminiscent of the post-bankruptcy wind down of MG Rover in 2005, Saab’s new owner said it would finish assembling 100 cars that have lain idle on the production line since May, according to media reports from Stockholm.
Chinese-backed consortium National Electric Vehicle Sweden (NEVS) also said it would apply for an extension to current bankruptcy protections, due to end 2 March. This would allow more time for talks with an unnamed Asian car maker interested in becoming a new majority owner.
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NEVS chief executive Mattias Bergman told Swedish Radio news: “Even if we complete the talks during this period, we have to get out of the reorganisation. That means settling with all suppliers. We think this will take time.”
About 100 cars were in production at the Trollhattan plant when assembly stopped last May. Saab was formerly owned by General Motors but was taken over, early in 2010, by Dutch boutique sports carmaker Spyker. After filing for bankruptcy, the Swedish car maker was sold to NEVS in June 2012.
Hong Kong-based National Modern Energy Holdings is majority owner of NEVS with a 78% stake. Qingbo Investment owns the rest.
