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.

Wednesday, June 13, 2012

NEVS buys Saab, first electric car to launch in 2013/2014, no plans for hybrid cars

On a press conference just now, it is being announced that the Saab bankruptcy administrators and the company National Electric Vehicle Sweden AB have reached a deal for the sale of the assets of Saab Automobile AB and its two subsidiaries Saab Automobile Tools AB and Saab Automobile Powertrain AB.

Saab's new owner, Kai Johan Jiang. Picture from TTELA.

Saab Automobile Parts AB is NOT included in the sale. Saab Parts and NEVS have however reached an agreement. At the moment it is unknown what this agreement covers.

NEVS has acquired Saab Property (including the part of the property company previously owned by Hemfosa), Saab Tools (except tools for the 9-5, 9-4X) Saab Powertrain and the Phoenix platform. NEVS has no interest in the Saab 9-5 and 9-4X. Both because GM has the rights and will not sell, and because the platforms are to heavy to be used for electric vehicles. NEVS's interest is in the rights to the current Saab 9-3. The sole focus of NEVS is on electric cars. NEVS has no focus on hybrid cars.

NEVS has not bought Saab Parts, but has an agreement on co-operation with Saab Parts.

NEVS will use knowledge and technology from Saab and other Swedish companies together with advanced Japanese electric vehicle technology to develop and manufacture premium electric vehicles in Trollhättan. Vehicles which will conquer first and foremost the Chinese market, but also the US market.

NEVS has also access to Japanese electric vehicles platforms that will be used.

Saab is a credible company to present new technology and new premium electric vehicles. The discussions concerning the brand name is however not concluded, which means that NEVS has so far not reached an agreements with Saab AB and Scania AB concerning the SAAB brand name. But NEVS is optimistic about reaching a deal.

At least 200 engineers will be recurited at first in Trollhättan. The first product, an electric Saab 9-3, will be launched on the market at the turn of the year 2013. Within two years of today NEVS expects the manufacturing in Trollhättan to reach considerable volumes. Long term goal is to reach the maximum capacity at Trollhättan, which is 200,000 cars each year.

The largest owner of NEVS, National Modern Energy Holdings is registered in British Virgin Islands, has its base in Hong Kong and most of its business in China with 28 bioenergy powerplants and 9 under construction.

The second owner, Japanese Sun Ivestments, is owned by private investors, companies (including listed companies) and banks. Sun Investments is focusing on commercializing and increasing sale of Japanese technology to electric vehicles.