Press Release: NEVS finally buys Saab

Well, this is significant.

NEVS finally done what many doubted they would do: they’ve bought Saab’s remains. They’ve also managed to convince the important men in suits that they’ll be able to use the Saab name without screwing things up.

It looks like electric Saab-based vehicles are firmly on the agenda. I’m not totally sure how I feel about that. One one hand, I’m fascinated by the idea of electric vehicles (article coming soon), but on the other hand, I can’t imagine ever having one myself.

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National Electric Vehicle Sweden AB has finalized acquisition of the Saab Automobile bankruptcy estates

National Electric Vehicle Sweden AB (NEVS) today announced that the company has finalized its acquisition of the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, effective August 31, 2012. The prerequisites for implementing the NEVS business plan are now in place. The acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant and test and laboratory facilities. The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhättan, Sweden. The transaction was conducted as a cash purchase. The purchase amount will not be disclosed.

”The Receivers are very pleased that the transaction involving NEVS and the bankruptcy estates, which all involved parties have intensely worked for over an extended period, is now complete,” said Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights.

“The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhättan,” said Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB. ”In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain. I would like to express our gratitude and thanks to the receivers for their cooperation during this very complex process.”

“Engineering and development of our first electric vehicle has been underway for an extended period in China and Japan, and now, with the manufacturing facilities in our possession, we are able to continue development work on site at Trollhättan,” said Kai Johan Jiang, CEO, National Electric Vehicle Sweden AB.

NEVS is wholly owned by National Modern Energy Holdings Ltd., whose founder and principal owner is Kai Johan Jiang.

NEVS has signed a licensing agreement with Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicle manufacturing company is named National Electric Vehicle Sweden AB, “NEVS”. The vehicles and related products and services will be named SAAB. The present logotype will not be used.

Recruitment to the management team and key positions at NEVS is in progress. As of today, about 75 people have received employment offers.

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8 Comments

  1. Phoenix indeed!

    Saab rises from the ashes once again.

    I’d even forgive them giving up the Griffin for a Phoenix at this point 🙂

  2. Hum… mixed emotions here too. I am happy for Trollhättan and the people who will be employed again. On the other hand I am disgusted at the thought of (possibly) never being able to purchase a gasoline/Bio powered Saab.

    Deep in the dark recesses of my brain i feel NEVS could one day reintroduce a gas engine for the North American/ EU markets once the electric car production is stable to allow such a venture.

  3. Time will tell what comes. I am excited by the idea of electric vehicles and feel that with our various technological experiences in the last few decades, it is somewhat odd that we have not already seen a replacement to the internal combustion engine, at least for city commuter vehicles.

    Good luck to NEVS, they have a battle ahead.

  4. I am absolutely thrilled by this news. Ecstatic. Cock-a-hoop. I don’t really get excited about sport, so this for me is one of those punch the air moments. I am so excited about the prospect of saving up to get a new electric Saab a few years from now. And at last, we can get back to talking about the technology and the innovation … and the future. Yes, marvellous news. Marvellous.

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