Saab was once a name associated with innovation in the car market until several changes of ownership ended in bankruptcy. Now the company is poised to break the automotive mould again thanks to far eastern investment.
A Chinese-Swedish investment group with Japanese backing has sealed a deal to buy the company and aims to make electric vehicles.
“NEVS and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB. The new company will produce electric drive using advanced EV (electric vehicle) with technology from Japan,” said Kai Johan Jiang, CEO of National Electric Vehicle Sweden AB (NEVS)
Diminishing sales figures for the last four years reflect Saab’s problems. In its last year of trading it sold an estimated 15,000 cars before filing for bankruptcy at the end of 2011.
The company has been unprofitable for two decades. The administrator has given no details of how much the buyer was paying to take control or what level of investment it planned.
Saab produced its first prototype car in 1947, having moved out of aeronautical engineering. The Swedish company built a small loyal following. Now it is starting again in a largely untried and unknown sector of the car market.
- 1Snowden, Assange and Manning statues unveiled in Berlin | euronews, world news
- 2Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 3euronews live TV - News | euronews : the latest international news as video on demand
- 4Anti-ISIL demonstrations turn violent in Ethiopia | euronews, no comment
- 5Nepal: ‘equally big earthquakes coming in eastern regions,’ expert tells euronews | euronews, world news
- 6It’s a girl: Britain’s Duchess of Cambridge gives birth in London | euronews, world news
- 7How Nepal earthquake devastated Kathmandu’s UNESCO heritage | euronews, world news
- 8Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 9International breaking news | euronews online world breaking news in video
- 10Exclusive: unrest in FYR Macedonia could hit other Balkan countries warns Serbian PM | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Andrea Ferrari: the graphene guru | euronews, science
- 13Portuguese language reform law goes global | euronews, world news
- 14Watch: France’s Jean-Marie Le Pen clashes with UKIP MEP Woolfe | euronews, world news
- 15How young translators are helping knit European culture together | euronews, generation y
- 16EU membership remains Serbia’s priority, says PM Aleksandar Vucic | euronews, the global conversation
- 17Spain: the viral soldiers fighting in Madrid and Barcelona mayoral races | euronews, world news
- 18eurovibes - a selection of Europe’s best music talent
- 19Portuguese researchers discover the secret of Mind Control | euronews, futuris
- 20Energy-generating clothes and smart lights join the Internet of Things | euronews, hi-tech
Wires > Business
- 22:27 CET Stocks dip, bonds fall as CPI keeps Fed on course
- 21:27 CET Fed on track to hike rates as economic headwinds wane – Yellen
- 21:05 CET Germany, France usher Greece back to negotiating table
- 20:06 CET Bank of England’s Haldane says UK rates to rise at some point
- 18:17 CET BNP Paribas eyes cost cuts at UK global markets business – source
- 17:36 CET BoE official says securitisation not a panacea for EU
- 17:25 CET Denmark wants its Basel exemption if it joins Europe’s banking…
- 17:07 CET Three strikes and you’re not out – put those Brexit nerves on hold