New lease on life for Saab
June 13, 2012
Bankrupt Swedish automaker Saab has been sold to National Electric Vehicle Sweden (NEVS), administrators announced at the Saab headquarters on Wednesday.
NEVS is a company registered in Sweden, but founded by firms in Hong Kong and Japan.
"NEVS and the receivers of the Saab automobile bankcruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools," officials from NEVS and administrators said in a joint statement.
Earlier Swedish media reports had already tipped National Electric Vehicle Sweden - a consortium that produces electric-powered cars - to be the buyer .
Bidders galore
Chinese carmaker Youngman had also been known to be interested in buying Saab. It placed a preliminary bid at the beginning of this year of 220 million euros ($280 million). Youngman even tried to take over Saab before the carmaker went bust.
But its former owner, General Motors, did not endorse the idea of transferring the necessary technology licenses.
A third bidder was Indian commercial utility vehicle producer Mahindra & Mahindra.
Saab was originally an aircraft maker and entered the auto market after World War II. Its landmark turbocharged model, the Saab 99, was released in the 1970s. Its vehicles were known for quirks such as an ignition lock between the front seats and for heated seating, an innovation at the time.
hg/tj (AFP, dpa, AP)