Saab went head-on with the grim reaper and won, at least for now. The Swedish automaker has been saved by a consortium consisting of a Chinese-Swedish investment group called National Electric Vehicle AB (NEVS) and Japan’s Sun Investment.
Speaking at a news conference held in Sweden, NEVS chief Karl Johan Jiang stated that the consortium will produce electric vehicles (EV) under the Saab name. The first model is reported to be an EV based on the existing, General Motors-sourced 9-3, followed later by a replacement model based on a new Phoenix platform that was being developed by the company while still owned by Spyker.
According to NEVS, Saab will start its new operations in Trollhattan, Sweden, and will sell its first car in early 2014. The company’s focus will initially be on the Chinese market, but a global expansion will follow suit.
Pricing details on the purchase transaction were not released.
Reference: Bloomberg
