SAAB Automobile is scheduled to be born-again as an electric powered vehicle manufacturer following a Japanese and Chinese consortium decided to buy it out from bankruptcy.
National Modern Energy Holdings, an alternative solution electrical power group located in Hong Kong, and Japanese financial commitment company Sun Investment, intend to make use of the Swedish vehicle maker’s production facilities in Trollhättan, Sweden in order to develop and create upmarket electric powered vehicles that’ll be centred on Chinese customers.
Saab registered for bankruptcy last December following Spyker, the Dutch sports car vehicle manufacturer that purchased the business from General Motors in 2010, neglected to turnaround its poor overall performance.
Spyker tried to reach a recovery package with Chinese vehicle manufacturer Youngman, but General motors declined to authorise the exchange of technology to China.
In the new offer, the jv, known as National Electric Vehicle Sweden (Nevs), is purchasing the principal assets of Saab aside from Saab Automobile Parks and ip rights to the Saab 9-5 belonging to General motors.
“From the beginning, it’s been our goal to locate a comprehensive solution through the summer time, therefore we are extremely delighted having arrived at this understanding,” the receivers stated.
Nevs intends to create an electric powered motor vehicle, primarily based on the Saab 9-3 utilizing Japanese technological know-how. This could be released in 2013 or 2014 with advertising and product sales centred on China, which Nevs think are set to develop into the “largest and most significant electric powered motor vehicle market”.
The creator of National Modern Energy Holdings, Kai Johan Jiang, is actually a Chinese entrepreneur with Swedish citizenship. He stated: “China is committing seriously in creating the EV marketplace, which is really a crucial driver to the continuing technology move to lower reliance upon fossil energy sources.
“The Chinese can increasingly find the money for vehicles. Nevertheless, the worldwide oil supply wouldn’t suffice should they all buy petroleum-fuelled motor vehicles. Chinese consumers have to have a high quality electric powered motor vehicle, which we should be able to offer by obtaining Saab Automobile in Trollhättan.”
The plans are the newest in a lengthy line of attempts in making Saab profitable. The vehicle maker, which employs in excess of 3,000 individuals, has been loss-making for 20 years.
General motors invested in the business in 1989, but sold Saab in 2010 to Spyker as part of the US vehicle maker’s bankruptcy restructuring.
Spyker planned to increase manufacturing and relaunch models; however it was battling to secure backing from the European Investment Bank and investment deals with Chinese businesses serious about backing Saab.
Saab hasn’t manufactured any new vehicles since March 2011, when production was ceased at Trollhättan. Having said that, Karl-Erling Trogen, the ex-manager of Volvo Trucks and chairman of Nevs, stated: “I am thrilled that we can build on Saab Automobile’s expertise in motor vehicle design and production, and begin a brand new future-oriented venture in Trollhättan, where world-class production facilities are readily available.”