NEVS Closes Saab Deal

Via The Swedish Wire: Japanese-Chinese electric vehicle consortium NEVS’ acquisition of car company Saab Automobile finally seems to be a done deal. The company said in a statement Monday that it has finalized the acquisition of the Saab bankruptcy estates.

The transaction was conducted as a cash purchase but the purchase amount was not disclosed.

The acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant and test and laboratory facilities, the statement said. The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhättan.

National Electric Vehicle Sweden AB also said it has signed a licensing agreement with defense firm Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicles and related products and services will be named SAAB. However, the present logotype will not be used.

“The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhättan”, said Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB.

Trogen continued: “In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain. I would like to express our gratitude and thanks to the receivers for their cooperation during this very complex process”.

The consortium is owned to 51 percent by a firm controlled by 47-year-old Swedish-Chinese businessman Kai Johan Jiang, who is expected to become CEO of NEVS. Kai Johan Jiang worked for seven years in the 1990s as an advisor to Volvo Trucks’ former CEO Karl Erik Faithful, who now is chairman of NEVS.

Recruitment to the management team and key positions at NEVS is in progress. As of today, about 75 people have received employment offers.

Saab went bankrupt in December, two years after former owner General Motors sold it to Dutch group Spyker.

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