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3:16pm UK, Wednesday June 13, 2012 | Sky News

Saab Saved But Will Only Make Electric Cars



Swedish carmaker Saab has been sold to an investment firm which aims to build only electric vehicles.

It is not known how much National Electric Vehicle Sweden (NEVS) paid for Saab's assets or what the deal
will mean for the 3,000 staff, though recruitment has started for specialist engineers.

The new owner, which was created specifically for this buyout, was founded by two firms: Hong Kong-based
alternative energy specialist National Modern Energy Holdings and Japanese investment firm Sun Investment.

NEVS plans to create a new model based on the current Saab 9-3, "which will be modified for electric drive
using advanced technology from Japan", a statement said.

It expects the car to hit the market at the end of 2013 or beginning of 2014.

Saab filed for bankruptcy a week before Christmas last year. Bankruptcy administrators said in April that
Saab had assets to cover only just over a third of its £1bn of debt.

The purchase agreement covers the main assets of Saab Automobile, Saab Automobile Powertrain and
Saab Automobile Tools.