Hong Kong-owned Swedish automaker, Saab, is set to build EVs within the next two years.
National Electric Vehicle Sweden, wholly owned by its Hong Kong parent National Modern Energy Holdings Ltd, has announced it will use the bankrupt Swedish carmaker's assets to begin producing electric vehicles. Chinese-Swedish CEO Kai Johan Jiang believes the brand has the ability to rise again, combining Japan's world-beating powertrain and battery technologies with China's growing electric vehicle (EV) market.
While the engineering and development of the new EVs has been underway in China and Japan for some time, the acquisition of the Swedish facilities will enable them to begin preliminary manufacturing. The vehicles will be based on 9-3 technologies and incorporate a new electric powertrain.
NME Holdings successfully purchased the main assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools, on August 31st for an undisclosed amount. Although NEVS has secured a licensing agreement with Saab for using the brand name, the current company logo will not be used.
Although Saab received sizeable bids from Zhejiang Youngman Lotus Automobile Co and Pang Da Automobile Co in 2011, both offers were rejected by the National Development and Reform Commission and parent company GM, forcing the company to declare bankruptcy in December last year.