When Chinese companies really want to buy something they struggle to do it! It’s the case of China’s Zhejiang Youngman Lotus Automobile who placed a new bid to buy bankrupt Saab, Bloomberg reported. After several months, the Chinese company didn’t loose its interest and it is now bidding for the Swedish manufacturer against a group led by Japanese investment firm Sun Investment and Hong Kong-based National Modern Energy Holdings.
If you remember, Youngman had wanted to invest in Saab before the carmaker went bankrupt. Back in December, the manufacturer ran out of cash and before this is was bought by Dutch sports-car maker Spyker from GM back in February 2010. For those who don’t know, the reason that the deal with Youngman fell was because GM refused to allow its technology, which underpins Saab cars, to fall into Youngman's hands.
Sun Investment and National Modern Energy Holdings appears to adopt another strategy as the companies formed a company called National Electric Vehicle Sweden with the only purpose of buying Saab's assets, says Autonews. The bad news that the company is currently losing customers as it hasn’t made cars since last year, after an initial production halt in March 2011.