Saab Automobile assets acquired by National Electric Vehicle Sweden

By Caroline Salls

Pittsburgh, June 13 - Saab Automobile's bankruptcy estate receivers and National Electric Vehicle Sweden AB (NEVS) have signed a purchase agreement, which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, according to a news release.

The price for the assets has not been disclosed.

The agreement includes all outstanding shares in the property company that owns the Saab Automobile facilities in Trollhättan, Sweden. Not included in the purchase agreement are Saab Automobile Parts AB and the intellectual property rights for the Saab 9-5 owned by General Motors.

"The sale to NEVS is our most important action to realize the assets of the estate," Saab Automobile receivers Anne-Marie Pouteaux of Wistrand and Hans L. Bergqvist of Delphi and Saab trademark and trade name rights co-receiver in bankruptcy Kent Hägglund of DLA Nordic said in the release.

"From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having reached this agreement."

According to the release, NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders.

Electric vehicle plans

The company will establish a new automobile venture in Trollhattan, solely dedicated to development and manufacturing of electric vehicles (EVs).

The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan, the release said. Launch is targeted for year-end 2013 or 2014.

In parallel with the EV conversion of the Saab 9-3, an all-new model based on additional cutting-edge technology from Japan will be developed.

Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

The release said recruitment to a number of key positions in the company is in progress. The next step will be to hire skilled engineers for the Trollhattan site in order to immediately begin product development, which will be conducted in collaboration with Swedish, Japanese and Chinese engineers.

Saab is a Trollhattan, Sweden-based car manufacturer.

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