Saab Sold to National Electric Vehicle Sweden

By · June 13, 2012

Saab e-Power

Swedish automaker Saab has reportedly been sold to National Electric Vehicle Sweden.

It's now nearly official. According to reports in the Swedish media, the sale of automaker Saab is complete and, as previously reported, a Swedish electric vehicle consortium purchased the ailing automaker.

"We submitted a definitive offer on April 7 before the deadline for bids expired," said Mikaael Östlund of National Electric Vehicle Sweden. NEVS is a Swedish-registered organization established by a relatively unknown Hong Kong-based firm that specializes in alternative energy and backed by a Japanese investment fund. NEVS declined to disclose the exact amount of its offer to buy Saab, but reports suggest that consortium likely paid $208 to $250 million.

According to Swedish media, an official announcement is expected prior to the end of June. Annika Wennerblom, city manager for Saab's hometown of Trollhättan, told reporters in early June that a deal had been struck. "That’s all we know at the moment," says Wennerblom. "We haven’t been told when they will let us know who the buyer is. They have told us the deal will be signed this week but it is always hard to give exact moments in this kind of business."

BBC News reports that Saab "will start a new operation" to develop electric vehicles. Additionally, BBC quotes this joint statement released by NEVS and Saab's administrators,"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."

If reports in the Swedish media are accurate, then expect Saab to emerge as one of the world's few dedicated manufacturers of electric vehicles.

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