Asian electric car consortium in deal to buy Saab

Jun 13, 2012 by LOUISE NORDSTROM

(AP) — An electric carmaking consortium, led by Hong Kong and Japanese investors and chaired by a former Volvo Trucks executive, has penned a deal to buy the better part of bankrupt Swedish automaker Saab, rescuing the ailing brand from insolvency.

The price tag for Saab's assets, which includes the main parts of the automobile manufacturing division as well as the powertrain and tools, was not made public.

The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC. It was recently formed with the purpose of bidding for Saab, which is based in Trollhattan in western Sweden.

Explore further: GoDaddy revs up tech sector with Wall Street offering

0 shares

Related Stories

Ericsson sells defense business to Saab

Jun 12, 2006

Sweden's Ericsson will be selling its defense business to Saab. The electronics group will be selling Ericsson Microwave Systems AB as well as its 40-percent stake in Saab Ericsson Space to Saab. The deal is expected to ...

Mitsubishi rolls out new electric car in Hong Kong

May 20, 2010

Japan's Mitsubishi Motors unveiled its i-MiEV electric car in Hong Kong on Thursday, its first foreign launch of the vehicle as competition accelerates in the clean-energy auto sector.

Hong Kong's e-economy booming: Google

May 05, 2011

The Internet is expected to contribute around $18.8 billion -- 7.2 percent of the total -- to Hong Kong's economy by 2015, driven by a surge in mobile use and online shopping, a report for Google said.

Recommended for you

FTC's Google investigation probed by Senate antitrust chief

10 hours ago

The chairman of a U.S. Senate antitrust panel will look into the release of a confidential Federal Trade Commission report on an investigation of Google Inc.'s search business, which was closed in 2013 without an enforcement ...

Traffic court goes digital: Startup fosters settlements

10 hours ago

Traffic court is going digital. Michigan startup Court Innovations has developed a software solution that allows drivers to settle traffic violations by negotiating in a virtual environment instead of showing up to court ...

Amazon puts home staples on refill button

11 hours ago

Amazon moved Tuesday to become an errand service for home staples, introducing a "dash button" to allow consumers to instantly order popular products for home and kitchen.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Eric_B
not rated yet Jun 13, 2012
the old body designs from the 80's are worth what ever they paid for it.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.