A Hong Kong-owned company says it has completed the acquisition of bankrupt car maker Saab and will move ahead with its business plan to make electric cars under the Swedish brand.
National Electric Vehicle Sweden, or NEVS, said on Monday it expects to introduce its first electric vehicle “in approximately 18 months” using the Saab name, after concluding the purchase of the company for an undisclosed sum.
NEVS said it will use the Saab name but not the present logo for its electric cars. It didn’t disclose what it paid for the acquisition, which included Saab’s factory in Trollhattan, southwestern Sweden.
NEVS is owned by a Hong Kong-based energy company with operations in the mainland.
The joint venture between China’s National Modern Energy Holdings and the Japanese fund Sun Investment, announced it had finalised its acquisition from bankruptcy administrators of the main assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools.
“The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhaettan,” in southwestern Sweden where Saab is based, the chairman of NEVS, Karl-Erling Trogen, said in a statement.