14 Jun 2012

SAAB sold

12:01 pm on 14 June 2012

SAAB is now owned by a Chinese-Swedish investment group which aims to turn the company into a maker of electric vehicles.

The company went bankrupt in December, two years after General Motors sold it to the Dutch group Spyker.

SAAB's administrator said the buyer of the bankrupt carmaker was National Electric Vehicle Sweden. No sale price has been given.

NEV's chief executive is Kai Johan Jiang, a Chinese businessman with Swedish citizenship.

SAAB employs about 3000 people, with its main base at Trollhattan, west Sweden, where investment in new electric car manufacturing will be made.

GM bought a 50% stake and management control of SAAB in 1989 and gained full ownership in 2000.