Why China-Japan JV Bought Ailing Swedish Car Maker Saab
Details of the fate of bankrupt Swedish carmaker Saab Automobile AB continue to emerge following the June 7 news that the company had been purchased by a Sino-Japanese joint venture National Electric Vehicle Sweden AB, or NEVS. NEVS plans to use Saab to produce electric cars, the consortium announced Friday.
NEVS said Friday that it plans to establish a new automobile venture in Saab's hometown of Trollhätten with the sole purpose of developing and manufacturing electric vehicles, or EVs. According to an announcement made by the consortium, "NEVS aims to become a leader manufacturer of electric vehicles."
Although the exact amount of the transaction has not been officially announced, local Swedish news outlets reported an amount in the area of 1.5 billion to 1.8 billion kronor ($210 billion to $250 million). While that purchase included all the assets of Saab Automobile AB, it is not clear whether NEVS will gain use of the Saab logo and name which were shared by the car company with defense aviation company Saab AB (PINK: SAABF).
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