Hong Kong-based NEVS closes deal to acquire bankrupt Saab Automobile

National Electric Vehicle Sweden AB (NEVS), which is owned by Hong Kong-based National Modern Energy Holdings Ltd, said today it had completed the acquisition of bankrupt Swedish carmaker Saab Automobile AB.

The deal includes intellectual property (IP) rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant and test and laboratory facilities, as well as all outstanding shares in the property company which owned the Saab facilities in Trollhattan, Sweden.

The transaction is in line with the company’s goal to become a leading manufacturer of electric vehicles, NEVS said without giving financial details. Its chairman, Karl-Erling Trogen, added that the company plans to launch its first electric vehicle based on Saab 9-3 technologies and a new technology electric power train in around 18 months.

The transaction comes after the buyer settled a dispute with truck maker Scania (STO:SCV B) and defence and aerospace group Saab AB (STO:SAAB B) on the use of the Saab brand name for its future vehicles. Thus, the company that will produce the vehicles will be named National Electric Vehicle Sweden AB or NEVS. It will use the Saab brand for its vehicles but without the current griffin symbol.

Kai Johan Jiang, founder and principal owner of National Modern Energy Holdings, which focuses on alternative energy, commented that through the purchase of Saab Automobile, the company would add capabilities for the development and manufacturing of electric cars, for which there is an increasing demand in China.