Saab sold to Chinese-Swedish investment company, will use resources to build EVs

Saab 9-5

Saab lives on… well, kind of. According to a new report, a Chinese-Swedish investment group with Japanese backing called National Electric Vehicle AB (NEVS) has purchased Saab. The company did not release any details on how much Saab was purchased for but insiders say that it plans to use Saab’s resources for the production of electric-vehicles.

NEVS told Reuters that the company will start its new operations in Trollhattan, Sweden, and that it expects to start selling its first model in early 2014. That model will be based on the Saab 9-3 sedan.

During the early process, sales and marketing of the car will be focused on China. Later down the line, sales will expand to the rest of the world.

Insiders describe ‘a completely new model based on Japanese technology and a future Saab platform.

– By: Omar Rana

Source: AutoWeek