National Electric Vehicle Sweden (NEVS) has acquired major part of the bankrupt Swedish automaker Saab Automobile, for an undisclosed sum, defeating a bid from China's Zhejiang Youngman Lotus Automobile.
NEVS is an international consortium, which is 51% owned by Hong Kong-based National Modern Energy Holdings and 49% owned by Japan's Sun Investment, formed to acquire the assets of the Saab.
One of the Saab administrators Anne-Marie Pouteaux said," The sale to NEVS is our most important action to realize the assets of the estate."
Following the acquisition, the consortium is planning to establish a new automobile venture in Trollhattan, Sweden and develop a new electric car based on the Saab 9-3 model, using Japanese EV technology.
According to the company, the new EV is expected to be launched by 2013/2014 and will targent mainly at the Chinese market.
Saab went bankrupt in December 2011, two years following its sale to Dutch group Spyk from its former owner General Motors and in April, the company had assets which could only cover over a third of its debt of SEK13bn ($1.8bn).
