More than a year after it last made a car, Saab Automobile of Sweden was sold Wednesday to a group of Chinese, Japanese and Swedish investors who plan to convert the company into a manufacturer of electric vehicles.
Saab's bankruptcy administrators, Anne-Marie Pouteaux and Hans Bergqvist, said in a statement that the company was being acquired by National Electric Vehicle Sweden, a company set up for buying Saab assets. The price was not disclosed.
"We will match Swedish automobile design and manufacturing experience with Japanese EV technology and a strong presence in China," Karl-Erling Trogen, National Electric Vehicle's chairman, said in the statement. "Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhättan," Sweden, where Saab is based.
Saab was sold by General Motors to Victor R. Muller, a Dutch entrepreneur, in 2010. But it never recovered from years of underinvestment.
Production at Saab's main factory in Trollhättan ground to a halt in spring 2011 as cash dried up. Established automakers examined the possibility of buying it, but declined, and potential Chinese buyers were discouraged from bidding by GM's claim to technology rights.