Bankrupt Swedish car maker Saab has been sold to National Electric Vehicle Sweden AB (NEVS).
NEVS is a new company registered in Sweden and founded by two firms in Hong Kong and Japan, it was announced today.
The statement announced the pruchase but no reference was made to the sum paid for the bankrupt car maker.
Saab filed for bankruptcy on December 19 2011.
"NEVS and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB," NEVS and Saab bankruptcy administrators said in a joint statement that did not specify the purchase sum.
NEVS, which is 51% owned by Hong Kong-based alternative energy specialist National Modern Energy Holdings and 49% owned by Japanese investment firm Sun Investment LLC, was "established for the purpose of acquiring the assets of the Saab Automobile bankruptcy estate," according to the statement.
The company explained that it planned to create a new model based on the current Saab 9-3, "which will be modified for electric drive using advanced EV (electric vehicle) technology from Japan."
The car should hit the market at the end of 2013 or beginning of 2014, it said.
"NEVS aims to become a leading manufacturer of electric vehicles," it said, adding that production would continue at Saab's factory in Trollhaettan in south-western Sweden.
Prior to filing for bankruptcy, Saab was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) -- at the time called Spyker -- for $308m.
Bankruptcy administrators said in April that Saab had assets to cover only just over a third of its debt of €1.5 billion
"The sale to NEVS is our most important action to realise the assets of the estate," Anne-Marie Pouteaux, one of the Saab administrators said in Wednesday's statement, adding "we are very pleased today, having reached this agreement."
