Saab lovers are celebrating with the news that Saab has been purchased and the brand name will continue on to produce more new and exciting models. The National Electric Vehicle Sweden AB is the buyer. This company is owned 51% by Hong Kong-based National Modern Energy Holdings Ltd. and 49 percent by Japanese investment group Sun Investment LLC. This partnership, being chaired by a former Volvo Trucks executive, was formed for the sole purpose of purchasing Saab and saving it from becoming extinct. What they paid is not being made public, but we can only imagine it is a hefty fee.
What is little known about Saab is that it was originally an aircraft maker. It wasn’t until after World War II that they entered into the auto making business with a two stroke engine production, Saab 92. Drivers quickly embraced their eccentric styling and unusual design elements such as an ignition lock placed between the front seats. It was also the first vehicle to offer heated seats. That started back in 1971 when the Swedish carmaker released the landmark Saab 99, the first turbocharged model.
The National Electric Vehicle Sweden AB has plans underway for production of their first vehicle under Saab’s new ownership. This will be an electric car inspired by the Saab 9-3 and we can expect to see it out by around early 2014.
Spokesman Mattias Bergman from National Electric Vehicle Sweden made the following comment at the press conference in Trollhaettan on Wednesday, “We’re striving to be a world-leading company for electric cars. It’s not only about China being a big market for electric cars, it’s also about China having the ability to make the investments required and build the needed infrastructure.”
Congratulations Saab and the National Electric Vehicle Sweden AB. We will be waiting to hear news about their new product lines and will be watching their success as new competitors in the electric car class.
Source Detroit News