Saab Automobile Acquired by Asian Electric Vehicle
June 13th, 2012 | 
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On Wednesday, Saab Automobile AB, a Swedish car manufacturer, announced that the National Electric Vehicle Sweden agreed to buy its bankruptcy estate.
National Electric Vehicle Sweden AB (NEV Sweden) is a company formed with the intention to acquire the assets of Saab Automobile AB from the bankruptcy estate.
NEV Sweden is owned by a Hong Kong-based energy company with operations in China and a Japanese investment company.
According to sources, NEV Sweden is owned 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC.
AAB officially filed for bankruptcy after a three-year fight for survival in December last year.
NEVS plans to launch an electrical vehicle based on the technology of the Saab 9-3 model in 2013 or 2014, said sources.
According to NEVS, marketing and sales will take place globally but with an initial focus on China, which is considered its largest and most important market.
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