We were only introduced to National Electric Vehicle Sweden AB last month when rumors first surfaced of a deal under way to take over Saab.
Then, last week, conflicting statements from City manager for Trollhättan (Town of Saab HQ) Annika Wennerblom and Trollhättan municipality Head of Information Peter Asp only fueled the rumors of the bid even more.
We finally have the answer: AutoNews announced earlier this morning that administrators of the bankruptcy process have confirmed that the Chinese-Swedish National Electric Vehicle Sweden AB (NEVS) enterprise, which receives Japanese backing, agreed to buy Saab Automobile with the intent to build electric vehicles.
According to an administrator, "The company will start a new operation in Trollhattan (home to Saab in western Sweden) where all development and production will be focused on electric cars." No details revealed exactly how much NEVS paid for Saab in the deal or how much NEVS plans to invest in the project.
While electric vehicle production suggests a keen eye for the future direction of the auto industry, National Electric Vehicle Sweden AB must keep in mind that Saab has not been profitable in two decades nor has it built any cars since last year following a halt in March 2011.
According to AutoNews, General Motors still carries a small shareholding and still licenses technology essential to Saab production. In fact, because of its intellectual property in the form of the Saab 9-4X SUV as well as the powerplants it supplies, many Saab deals collapsed because of GM stepping in.
Perhaps because National Electric Vehicle Sweden AB intends to build electric cars rather than gas powered, GM saw no reason to interrupt the deal.
