National Electric Vehicle Sweden (NEVS) has completed the acquisition of the major assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools.
Following the acquisition, NEVS has also signed a licensing agreement with Saab for the rights to use the Saab brand name for its future vehicles and is planning to launch the Saab brand vehicles in 2014.
NEVS chairman Karl-Erling Trogen said, "In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain."
According to NEVS, the finalised acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant and test, laboratory facilities.
The acquisition also includes all outstanding shares in the property firm which owned the Saab facilities in Trollh?ttan, Sweden.
NEVS CEO Kai Johan Jiang said, "Engineering and development of our first electric vehicle has been underway for an extended period in China and Japan, and now, with the manufacturing facilities in our possession, we are able to continue development work on site at Trollh?ttan."
National Electric Vehicle Sweden (NEVS) is a joint venture between China's National Modern Energy and the Japanese fund Sun Investment.
