As reported in the LA Times, the Swedish automaker was bought by an Asian consortium that want Saab’s main assets with the ultimate goal of making electric cars. While the price of the deal has yet to be made public, the consortium called National Electric Sweden AB (NEVS) is made up of Hong Kong-based National Modern Energy Holdings Ltd. and Japanese investment group Sun Investment LLC.
At a news conference held at Saab’s Trollhattan factory, NEVS stated that it would focus the bulk of its efforts on the sale of electric cars in China, but that the global plans for its electric cars are right around the corner.
“China is investing heavily in developing the electric vehicle market, which is a key driver for the ongoing technology shift to reduce dependence on foreign oil…the Chinese can increasingly afford cars; however, the global oil supply will not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab,” said Kai Johan Jiang, the founder and main owner of the main stakeholder National Modern Energy Holdings Ltd.
Karl-Erling Trogen, a former Volvo executive and current chairman of the NEVS consortium said, “We will match Swedish automobile design and manufacturing experience with Japanese electric vehicle technology and a strong presence in China. Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhattan.”
The next order of business is the process of hiring experienced and expert engineers to begin to the process of this electric makeover.
Saab Taken Over By Electric Car Consortium originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.