Asian electric car consortium in deal to buy Saab

June 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: Ericsson sells defense business to Saab


Related Stories

Ericsson sells defense business to Saab

June 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 ...

Hong Kong's e-economy booming: Google

May 5, 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

Microsoft aims at Apple with high-end PCs, 3D software

October 26, 2016

Microsoft launched a new consumer offensive Wednesday, unveiling a high-end computer that challenges the Apple iMac along with an updated Windows operating system that showcases three-dimensional content and "mixed reality."

Making it easier to collaborate on code

October 26, 2016

Git is an open-source system with a polarizing reputation among programmers. It's a powerful tool to help developers track changes to code, but many view it as prohibitively difficult to use.

Dutch unveil giant vacuum to clean outside air

October 25, 2016

Dutch inventors Tuesday unveiled what they called the world's first giant outside air vacuum cleaner—a large purifying system intended to filter out toxic tiny particles from the atmosphere surrounding the machine.

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

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.