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.
Copyright © 2014 euronewsMore about:
- 1Podemos: Spanish indignation in Brussels’ corridors of power | euronews, reporter
- 2Watch: Angry mob throw Ukraine MP into rubbish bin | euronews, world news
- 3Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 4New car offers freedom for disabled drivers | euronews, hi-tech
- 5Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 6Israel announces it will seize 400 acres in West Bank | euronews, world news
- 73D printing: a driving force in design and engineering | euronews, hi-tech
- 8Rise of the machines | euronews, futuris
- 9Ukraine: Donetsk rebel weapons factory blows up | euronews, world news
- 10Young Yazidi girl escapes Islamic State kidnappers | euronews, world news
- 11Vatican rocked by another paedophilia scandal | euronews, world news
- 12Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 13Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 14#Indyref Live: Scotland votes on independence from UK | euronews, world news
- 15Thousands ‘evade’ Ebola lockdown in Sierra Leone | euronews, world news
- 16British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 17Iceland puts on a show as two of its volcanoes spew out lava | euronews, world news
- 18The business benefits of EU chemical regulation | euronews, business planet
- 19Iceland volcano ‘pollutes Paris’ | euronews, world news
- 20Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
Wires > Business
- 13:58 CET Bank of England eases curb on risky mortgages as house market cools
- 13:54 CET Japan’s Amari warns excessive yen moves undesirable for economy
- 13:47 CET Liechtenstein prosecutor confirms Corpbank owner under…
- 13:45 CET Special report: In foreign hands, British automakers overtake…
- 13:43 CET In foreign hands, British automakers overtake France
- 13:10 CET Thailand approves $11 billion measures to lift economic growth
- 13:05 CET Waning demand hits factory activity across Asia and Europe
- 13:01 CET Commerzbank to cut 60-70 fixed income, currency jobs – sources