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Saab Purchased, Will Focus on Electric Cars

The new owners hope to unveil electric Saab models in 2013 or 2014


Saab’s fortunes may be reviving. The company, which was sold by General Motors (NYSE:GM) in 2010 to Spyker (PINK:SPYKF), declared bankruptcy last year. Now it has been acquired by National Electric Vehicle Sweden (NEVS), which aims to transform the brand into an electric car company, Reuters noted.

Terms of the purchase were not revealed. However, NEVS outbid Chinese investors.

5 Biggest Auto Flops
5 Biggest Auto Flops

The new Saab will market electric vehicles, initially in China, using the company’s existing 9-3 model. The new electric Saabs are expected to launch in 2013 or 2014. Eventually, a new Saab model based on Japanese engineering will be available.

Swedish union officials expressed optimism at Saab’s resurrection, though the company will employ only about 200. That number could increase if its vision proves successful. Saab once employed 3,500, producing about 100,000 cars a year.

Saab’s auto-parts business was not included in the sale. That now belongs to the Swedish government.

Article printed from InvestorPlace Media, http://investorplace.com/2012/06/saab-purchased-will-focus-on-electric-cars/.

©2017 InvestorPlace Media, LLC