Saab find backing to stave off bankruptcy

National Electric Vehicle Sweden (NEVS) – owners of Saab – say they have backing from two Asian companies which will secure funds to prevent bankruptcy.

Back in August we revealed that Saab was facing bankruptcy yet again as their plans to turn Saab in to a maker of electric cars floundered from a lack of cash. The Saab story of recent years repeating itself.

In September, Saab managed to convince a Swedish Court that a period of court protection from its creditors would give them time to find a White Knight (or two), and now it seems they may have had some luck with that.

NEVS say an unnamed Asian car maker has agreed to buy a majority stake in NEVs to save their bacon and that they’re willing to fund the operating costs for the next few months until a deal is completed, hopefully by February 2015.

It seems likely that the Asian car makers NEVS has been talking to are India’s Mahindra & Mahindra and China’s Dongfeng, although NEVS has given no indication of who has made the offer and stumped up enough cash to keep afloat until a deal is done.

But whoever the putative buyer is, they’ve apparently committed to funding NEVS to the tune of €5 million a month until the final deal is done, so unless NEVS has skeletons in the cupboard that due diligence unearth there seems a fighting chance that electric Saabs may be back on track in 2015.

Although we’ve heard that story more times than we care to count.