Report: Saab might have a buyer after all

Saab’s progress into booting back up as a mass-market automaker has been stuck in limbo after the company was originally rescued by National Electric Vehicle Sweden, only to face bankruptcy again because NEVS couldn’t pay off Saab’s current debt.

As a result, more filings were filed and Saab was once again was stuck in negotiations, further bringing a halt to their operations, even after they restarted production of the old/new 9-3 very briefly.

Now, The Financial Times reports Saab, including NEVS, may actually be bought by Mahindra & Mahindra, an Indian-based automobile conglomerate that currently makes a small line of domestic vehicles for India’s domestic market–some are sold around the world and Mahindra even operates in the US selling tractors (they briefly tried selling utility trucks, but that didn’t bode well).

Last week, NEVS filed an application to extend their reorganization plan with an “unknown Asian automaker,” and it appears that unknown maker is Mahindra & Mahindra. As of this post, the report says the two entities are very close to signing a deal. Additionally, last we heard, NEVS was also in discussions with Dongfeng Motor for a joint venture.

Either way, all is not lost for Saab. So keep your fingers crossed Saab lovers.

– By: Chris Chin

Source: The Financial Times via AutomotiveNews

 

Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

admin has 4408 posts and counting.See all posts by admin