The buyers of bankrupt Swedish carmaker Saab say they will launch their first model in early 2014 using the Saab name, after concluding the purchase of the iconic brand for an undisclosed sum.
National Electric Vehicle Sweden (NEVS), a joint venture between China's National Modern Energy Holdings and the Japanese fund Sun Investment, said the vehicle would be an electric car using the Saab brand but not the logo, for which it did not obtain the rights.
"The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhaettan," where Saab is based, the chairman of NEVS, Karl-Erling Trogen, said in a statement on Monday.
"In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain," he added.
The new Saabs will primarily be aimed at the Chinese market.
"The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles," NEVS founder and main owner Kai Johan Jiang said.
"Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhaettan," he added.
Saab filed for bankruptcy last December after teetering on the edge of the abyss for almost two years.
In June, bankruptcy administrators announced an agreement with NEVS.
"The acquisition includes intellectual property rights for the Saab 9-3, intellectual property rights for the Phoenix platform, tools, the manufacturing plant, and test and laboratory facilities," NEVS said.
"The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhaettan, Sweden."