National Electric Vehicle Sweden AB Acquires the Main Assets of Saab Automobile

National Electric Vehicle Sweden AB bought Saab and will establish a new venture for development and manufacturing of electric vehicles in Trollhättan, Sweden.

National Electric Vehicle Sweden AB (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.

The agreement includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden.

The price for the assets has not been disclosed, but Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.

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

The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using EV technology from Japan. The launch is targeted for early 2014.

In parallel with EV conversion of the Saab 9-3, an all-new model will be developed. Marketing and sales will be global, with an initial focus on China, projected by the consortium 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 Ltd, 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. Recruitment to a number of key positions in the company is already in progress, and the following step is to hire skilled engineers to the Trollhättan site, in order to immediately start the product development. The development will be conducted in collaboration between Swedish, Japanese and Chinese engineers.

A Web site for the newly formed company is already up and running and can be found here.

Automotive News, Toronto Star and The Swedish Wire