The dark clouds over bankrupt Swedish car maker Saab have finally cleared.
On June 13, Saab Automobile's liquidator signed an agreement with National Electric Vehicle Sweden (NEVS) to sell the company's main assets to the Sino-Japanese investment group. Jiang Dalong, president of NEVS, said Saab would no longer be a traditional automaker, but produce electric vehicles. NEVS was formed in May in Sweden specifically to acquire Saab.
The transformation of Saab will be backed by its new owners' experience in new energy development. NEVS is 51 percent owned by National Modern Energy, a Hong Kong-based company that operates biomass power plants in China. Japanese investment company Sun Investment owns 49 percent.
Jiang, who controls National Modern Energy, said "eventually we will hold NEVS' full stake."
A Second Chance
In early 2009, due to the financial difficulty of its parent company, General Motors , Saab was put up for sale. In February 2010, GM sold Saab to Dutch supercar maker Spyker and still holds a small stake in the company. After struggling to avoid insolvency throughout 2011, the company petitioned the Swedish court for bankruptcy. In December 2011, Saab was declared insolvent.
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