Saab sale to National Electric Vehicle Sweden confirmed

The sale of a substantial portion of Saab assets to National Electric Vehicle Sweden has been confirmed.

It’s taken a very long time, but Saab has finally found a new home in the hands of National Electric Vehicle Sweden, as we reported last week.

National Electric Vehicles Sweden has been set up to take over the assets of Saab and is a consortium of Japanese, Swedish and Chinese stakeholders, but it does not get the contentious Saab 9-5 technology that has dogged the sale of Saab so far.

NEVS will establish a new facility in Trollhattan dedicated just to developing and manufacturing a range of electric vehicles. The first model will be based on the current Saab 9-3 – not a car based on GM’s latest technology – which will get an electric powertrain from Japan with a launch date of late 2013.

Also in the mix is a new EV which, according to NEVS, will be based on additional cutting edge technology from Japan.

The lead investor in NEVS is China’s National Modern Energy Holdings, and their founder, Kai Johan Jiang, said:

China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels.
The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan.

It may not be the Saab that Saab lovers wanted, but at least the Saab name lives on.