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.

Tuesday, June 5, 2012

NEVS launches web page, sale deadline pushed to midsummer

The company said to be favorite to acquire the bankrupt Saab Automobile's assets, National Electric Vehicle Sweden (NEVS), has now launched their own web page at

"We simply want in text to publish the information we have already told the media so that everyone can take part in this," says Johan Andersson at Springtime, which represent NEVS, to TTELA.

On its web page the company writes the following about Saab and Trollhättan:

"SAAB Automobile, Trollhättan and Sweden stands for innovativeness and technology excellence. At SAAB Automobile, the engagement for future transportation solutions is pervasive."

A deal for the sale of the Saab assets was supposed to be done by the end of May, but so far no deal has been announced. Today Swedish Radio P4 Väst writes that the deadline has been pushed to around midsummer, which could mean that we will have to wait another two or three weeks for a conclusion.

As reported earlier, NEVS is said to not be interested in buying the Saab spare parts company, Saab Automobile Parts AB, and that might have caused the Swedish National Debt Office, which currently owns Saab Parts, to object to a sale of Saab to NEVS. Sources say that Saab Parts has had trouble reaching expected sales figures as dealers in the US have found new suppliers of spare parts. And with declining sales prospects for the future, the NDO might have become worried that it by selling Saab Parts to a third party will not recover the SEK 2.2 billion it paid to the European Investment Bank when redeeming the bankrupt Saab's loan. And thus NDO will prefer that the buyer of Saab also buys Saab Parts at the asking price SEK 2.2 billion.

One company that is said to be willing to buy all of Saab, including Saab Parts for SEK 2.2 billion, is Chinese Youngman. The bankruptcy administrators terminated the negotiations with Youngman a few weeks ago, but last week the Chinese returned with a new and improved bid.

Question now is if Youngman's latest bid has brought the company back to the table of negotiations or not.

And what about the Indian company Mahindra? Has it given up on buying Saab and returned to India, or is it still in the game?