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Saab finds a buyer

Wed, 13 Jun 2012 00:00:00 -0700

Bankrupt automaker Saab has found a buyer. But instead of picking up where the Swedish firm left off, the buyer plans to use Saab's resources for the production of electric cars.

The new owners of Saab, a Chinese-Swedish investment group with Japanese backing called National Electric Vehicle Sweden AB (NEVS), did not release details on how much it paid for Saab or how much it planned to invest in the company. Early in 2012, Saab administrators reported that up to six parties had expressed interest in the firm, including Zhejiang Youngman Lotus Automobile, based in China. At last report, the bid from that company exceeded $567 million.

NEVS did tell Reuters that the company would start a new operation in Trollh

By Seth Harrison