NEVS finalizes acquisition of main assets of Saab; new company solely focused on EVs

4 September 2012

National Electric Vehicle Sweden AB (NEVS), an international consortium formed by Swedish and Chinese stakeholders, finalized its acquisition of the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, effective 31 August 2012. The prerequisites for implementing the NEVS business plan are now in place. (Earlier post.)

The acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant, and test and laboratory facilities. The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhättan, Sweden.

NEVS has signed a licensing agreement with Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicle manufacturing company is named National Electric Vehicle Sweden AB, “NEVS”. The vehicles and related products and services will be named SAAB. The present logotype (the Griffin) will not be used.

Recruitment to the management team and key positions is in progress. As of today, about 75 people have received employment offers.

NEVS is wholly owned by National Modern Energy Holdings Ltd., whose founder and principal owner is Kai Johan Jiang.

Based on existing resources and with the addition of Japanese technology, the company is establishing a new venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs). NEVS aims to become a leading manufacturer of electric vehicles.

China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels. The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan. Engineering and development of our first electric vehicle has been underway for an extended period in China and Japan, and now, with the manufacturing facilities in our possession, we are able to continue development work on site at Trollhättan.

—Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS