Saab, bankrupt, has a buyer

Saab has inked a deal with an electric car-making consortium of Hong Kong and Japanese investors. The purchase of Saab would save the bankrupt Swedish brand from insolvency.

By , Associated Press

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    This 2009 file photo shows the Saab corporate logo on the hood of a Saab automobile in Trollhattan, Sweden. The bankrupt automaker will be bought by joint group of investors from Hong King and Japan.
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An electric carmaking consortium, led by Hong Kong and Japanese investors and chaired by a former Volvo Trucks executive, has penned a deal to buy the better part of bankrupt Swedish automaker Saab, rescuing the ailing brand from insolvency.

The price tag for Saab's assets, which includes the main parts of the automobile manufacturing division as well as the powertrain and tools, was not made public.

The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC. It was recently formed with the purpose of bidding for Saab, which is based in Trollhattan in western Sweden.

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