The world famous Swedish brand Saab Automobile could soon be ready to come back to its former glory – with the company holding the rights to its name finally securing the much-needed financial aid.
Back in the dark days of the 2008-2009 economic recession, Sweden’s Saab, then part of the largest US automaker – GM – began a long journey into oblivion. It exchanged hands like a filthy shirt and finally ended up under the rule of National Electric Vehicle Sweden AB, an investment group that also encompasses Chinese shareholders. The goal was to restart production of automobiles in Sweden and eventually build electric Saabs for delivery into China. The company did restart output of the old Saab 9-3 but soon ran into financial difficulties this year and ceased production soon.
Now, NEVS claims it secured the much-needed financial relief, as a yet unnamed Asian automaker agreed to buy a majority package into the carmaker on November 30, said in a statement the Trollhaettan, Sweden-based company. The Chinese-Japanese investment group headed by enewable energy power-plant builder National Modern Energy Holdings asked back in August for protection from creditors from the Swedish state. The new Asian stakeholder would levy the necessary cash to fulfill the company’s operating targets until early ext year when the deal goes through and NEVS also said it was negotiating with another Asian company to enter a production joint venture.