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15-Jun-2012



PHOTO CAPTION: Kai Johan Jiang is leading rescue of Saab Automotive with aim to build electric models. Photo credit:Aftonbladet.se

Chinese Biomass Tycoon Leads Saab Rescue

Kai Johan Jiang is alternative energy tycoon who studied in Sweden and once worked for Volvo Trucks.

SHANGHAI (AP) — The Asian consortium planning to rescue Swedish automaker Saab Automobile from insolvency is led by a mainland Chinese alternative energy tycoon whose company has close ties with China's State Grid electricity utility.

Being linked to the acquisition of Saab's car making assets could help bring the huge, state-owned utility a step closer toward its long-sought goal of breaking into the electric vehicle market.

"It's logical if they want to move into that market," said Yale Zhang, managing director of the independent consultancy AutoForesight in Shanghai.

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