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14th June, 2012
National Electric Vehicle Sweden AB (NEVS) and the Receivers of the Saab
Automobile bankruptcy estate yesterday (local time) signed a purchase agreement which covers the main assets of Saab
Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The agreement includes all outstanding shares
in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden. The price for the assets has
not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General
Motors, are not included in the purchase agreement.
"The sale to NEVS is our most important action to realise the assets of the estate," said Anne-Marie Pouteaux,
Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent
Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights yesterday. "From the
outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having
reached this agreement."
NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders. The company will establish a
new automobile venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs).
The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using
advanced EV technology from Japan. Launch is targeted at year-end 2013/early 2014.
In parallel with EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge
technology from Japan using the 'Phoenix' platform. Marketing and sales will be global, with an initial focus on China,
projected to be the largest and most important EV market in coming years.
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"China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to
reduce dependence on fossil fuels," said Kai Johan Jiang, founder and main owner of National Modern Energy Holdings
Ltd, the majority shareholder of NEVS. "The Chinese can increasingly afford cars; however, the global oil supply would
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 Automobile in Trollhättan."
NEVS aims to become a leading manufacturer of electric vehicles. Recruitment to a number of key positions in the
company is in progress, and the following step is to hire skilled engineers to the Trollhättan site, in order to
immediately start the product development. The development will be conducted in collaboration between Swedish, Japanese
and Chinese engineers.
"I am delighted that we can build on Saab Automobile's skills in vehicle design and production to start a new
future-oriented venture in Trollhättan, where world class manufacturing facilities are available," said Karl-Erling
Trogen, Chairman, National Electric Vehicle Sweden AB. "We will match Swedish automobile design and manufacturing
experience with Japanese EV 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 Trollhättan."
About National Electric Vehicle Sweden AB
National Electric Vehicle Sweden AB (NEVS) has been established for the purpose of acquiring the assets of the Saab
Automobile bankruptcy estate.
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