Hong Kong company completes purchase of Saab

Sep 03, 2012

(AP)—A Hong Kong-owned company says it has completed the acquisition of bankrupt car maker Saab and will move ahead with its business plan to make electric cars under the Swedish brand.

National Electric Vehicle Sweden, or NEVS, said Monday it expects to introduce its first electric vehicle "in approximately 18 months."

Saab, which has more than 3,000 workers, filed for bankruptcy in December last year after its previous owner, the Dutch luxury Spyker, failed to revive the loss-making brand, formerly owned by General Motors.

NEVS said it will use the Saab name but not the present logo for its . It didn't disclose what it paid for the acquisition, which included Saab's factory in Trollhattan, southwestern Sweden.

Explore further: News Corp. to buy Move Inc. for about $950 million

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

Related Stories

Asian electric car consortium in deal to buy Saab

Jun 13, 2012

(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 ...

China biomass tycoon leads deal to buy Saab

Jun 14, 2012

(AP) — The Asian consortium planning to rescue Swedish automaker Saab Automobile from insolvency is led by a mainland Chinese alternative energy tycoon whose company has close ties with China's State Grid electricity ...

Spyker sues GM over failed Saab takeover

Aug 06, 2012

(AP) — Spyker Cars NV, the tiny Dutch company that bought Swedish carmaker Saab from General Motors Co. for $74 million in 2010, said Monday it is suing GM for $3 billion in damages.

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 ...

Recommended for you

Microsoft to tap $2-trillion Indian cloud market

1 hour ago

Microsoft announced plans Tuesday to offer its commercial cloud services from Indian data centres as it seeks to tap what it calls a $2-trillion market in the country where Internet use is growing rapidly.

Canada demands Google, Netflix data, sets deadline

6 hours ago

Canada's broadcast regulator on Monday gave American companies Google and Netflix a three-day deadline to turn over subscriber data or have their testimony expunged from a major public hearing, media reported.

User comments : 0