IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Thursday, March 1, 2012

Saab's hybrid system sold to fund continued bankruptcy administration

Back in September 2010 Saab announced that the company had developed a new state of the art hybrid drive train. To market and produce this electric rear axle, Saab established a new company named e-AAM together with American Axle & Manufacturing. This new system was said to be just as big and important as the introduction of the turbo engine in Saab cars. Now American Axle & Manufacturing has announced that it has bought Saab's share of the company from the bankruptcy administrators.

The press release from American Axle & Manufacturing:

Detroit, Michigan, February 29, 2012-- American Axle & Manufacturing (AAM) today announced that it has acquired full ownership of e-AAM Driveline Systems AB (e-AAM) in Trollhättan, Sweden. e-AAM, previously a joint venture between AAM and Saab Automobile AB (Saab), was created to provide customers around the globe with innovative solutions for electric driveline systems including electric all-wheel-drive (eAWD), plug-in hybrids, and full electric vehicles.

Under the purchase agreement, Saab's bankruptcy estate has sold its minority stake in the joint venture to AAM. e-AAM is now a wholly-owned subsidiary of AAM. This transaction gives AAM full control of the operation that will continue the full scope of engineering, developing and commercializing the full range of electric driveline technology systems for passenger cars and crossover vehicles.

"AAM remains totally committed to e-AAM", said AAM President & Chief Operating Officer, David C. Dauch. "As a wholly owned entity, we now have greater flexibility to support e-AAM's customers without limitations. We are pleased with the progress we are making in this new and emerging driveline technology, and expect to play a leading role in this important new product segment."

It's sad to see one of the crown jewels of Saab being sold, but I guess it was a necessity in the attempts to save Saab.