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: MasterCard, Zwipe announce fingerprint-sensor card

not rated yet
add to favorites email to friend print save as pdf

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

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

Apple starts iPhone 6 sales in key China market

Oct 17, 2014

Apple began selling its latest iPhone in China Friday, nearly a month after other major territories due to a licence delay by regulators, but it faces a tough battle with rivals led by Samsung in the crucial ...

Microsoft CEO launches diversity training effort

Oct 17, 2014

(AP)—Microsoft CEO Satya Nadella has again apologized to employees and announced in a company-wide memo that all workers will receive expanded training on how to foster an inclusive culture as he works to repair damage ...

Arguments made in ex-dictator's suit against game

Oct 17, 2014

(AP)—A judge has heard arguments from lawyer and former New York City Mayor Rudy Giuliani calling for the dismissal of a lawsuit filed against video game giant Activision by former Panamanian dictator Manuel Noriega.

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.