China-Japan investor group placed a bid for Saab

Article by Christian Andrei, on May 28, 2012

Saab received a bid from a group led by a Chinese energy company and a Japanese venture-capital firm, according to a spokesman for the investing group. These two major parties are Sun Investment, a Japan-based firm that is an expert in high-tech environmental projects, and National Modern Energy Holdings Ltd., which originates from Hong Kong and makes and owns power plants.

The group’s spokesman Mattias Bergman said that they have placed a bid to purchase Saab and produce cars. He said that the group is curious about what Saab's brand stands for as well as the company’s innovation and competence as well as its world-class production facility.

Bergman said that there are added participants but he didn’t identify them. He said that the group was formed with the sole purpose of acquiring the assets of Saab.

The company is named National Electric Vehicle Sweden AB and is headed by its chairman Karl-Erling Trogen, who is a former Volvo AB executive. Bergman didn’t discuss the bid’s size or its business plan, including if the investors mainly aim to produce electric cars.

He also declined to talk about the technologies for now. The other companies that have displayed some interest to buy Saab since it became bankrupt include China's Zhejiang Youngman Lotus Automobile and Mahindra & Mahindra Ltd., the largest sport utility vehicle manufacturer in India.

On May 23, a report was published by Swedish newspaper Dagens Industri to say that Youngman could be out of the bidding. Saab had run out of cash and it then filed for bankruptcy in December. Spyker, the Dutch sports-car maker, bought Saab from General Motors Co. in February 2010. Saab has produced any cars since March 2011 after it has been unable to pay its suppliers.

Topics: china, japan, saab

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