Automotive


Saab Saved But Will Only Make Electric Cars

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…

 

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