National Electric Vehicle Sweden AB acquires the main assets of Saab Automobile

[nordwulf]

Source: press release

National Electric Vehicle Sweden AB to establish a new venture for development and manufacturing of electric vehicles (EVs) in Trollhättan, Sweden.



National Electric Vehicle Sweden AB (NEVS) and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The agreement includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden. The price for the assets has not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.

“The sale to NEVS is our most important action to realize the assets of the estate,” said Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights. “From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having reached this agreement.”

NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders. The company will establish a new automobile venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs).

The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan. Launch is targeted at year-end 2013/2014.

In parallel with EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

“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,” said Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS. “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.”

NEVS aims to become a leading manufacturer of electric vehicles. Recruitment to a number of key positions in the company is in progress, and the following step is to hire skilled engineers to the Trollhättan site, in order to immediately start the product development. The development will be conducted in collaboration between Swedish, Japanese and Chinese engineers.

“I am delighted that we can build on Saab Automobile’s skills in vehicle design and production to start a new future-oriented venture in Trollhättan, where world class manufacturing facilities are available,” said Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB. “We will match Swedish automobile design and manufacturing experience with Japanese EV technology and a strong presence in China. Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhättan.”

About National Electric Vehicle Sweden AB

National Electric Vehicle Sweden AB (NEVS) has been established for the purpose of acquiring the assets of the Saab Automobile bankruptcy estate. Using existing resources, and adding Japanese cutting-edge technology, NEVS plans to start a new venture in Trollhättan, Sweden, aiming to become a leading manufacturer of electric vehicles.

[nordwulf]

We knew it was a possibility but it's sad to see the actual news. While some may cheer about the company being sold to a new owner, there isn't much in it for the regualr Saab driver and enthusiast. The plan is to built electric vehicles based on the old Saab 9-3 with Japanese technology. And they are going to be marketed in China. They are buying the factory and technology but they are not buying the spirit of Saab. Not sure but I think it still remains to be seen they are allowed to use the Saab name. I hope they won't.

Nothing about the deal is good for current Saab owners, dealers, importers and others. The only good thing is Saab Parts is going to continue as an independent company, as Hirsch mentioned in the other Saab Parts news thread.

Saab is dead, long live Saab!

[Jetman]

I don't know. Saab has always been ahead of the curve. It all seems rather fitting really.
It's not as if we were their original intended market when they began building gas cars.
A Saab electric can't be all bad.

[Jetman]

Says the 8 valve Luddite!

[nordwulf]

I just have a hard time getting excited about electric cars. Perhaps they can make car air fresheners that smell like oil and gasoline. And make a sound generator that makes throaty engine sounds. I just can't see enthusiasts bragging about how they tuned their engines and tweeked another few extra kWs or bolted on a bigger turbo like the good old days.

[nordwulf]

And it is not all bad, of course. It is great there will be a use for the factory, jobs for people in Trollhattan and other areas, suppliers and so on. Just not for the Saab we used to know.

From Svenska Dagbladet:

Positive reactions on the Saab deal

The positive comments were many after the declaration of the National Electric Vehicle Sweden (Nevs) buys Saab's bankruptcy estate.

- Here we go, said Paul Akerlund (S), Mayor of Trollhattan, one of those who rejoiced in the purchase.

- Saab has resurfaced, with continued production in Trollhättan. The words are wonderful for me to say, continues Paul Akerlund.

In Trollhättan, it has been happy noises today. Enterprise Annie Loof is also positive, following the announcement.

- This is great news for the automotive industry, for the region and in this particular case also for the conversion of the fleet, she said.

Prime Minister Fredrik Reinfeldt said he had time to study the agreement yet. He can not say if the state will have to pay for any costs in the long run.

- I have not been able to go through the presentation. Our approach has been that we should not load the taxpayers, but we will analyze. All parts are not sold, if I understand correctly, said Reinfeldt.

Social Democratic party leader Stefan Löfven says the deal is good for the Trollhättan region and Sweden. That it is all about electric cars he sees as positive.

- It seems to me that there will be electric car production. I think this is the future. There will be something new, says Löfven.

Graduate Engineers also welcome news.

"We are delighted with our engineers in Trollhättan in recent years uncertainty shown on an unparalleled loyalty. Now they finally pursue whatever they want and do best - developing new cars for the future. "

But union IF Metall Federal Chairman Anders Ferbe would not charge a victory in advance. He is careful to point out that many pieces of the puzzle is in place before there can be output to a number of IF Metall members can return to work. Anders Ferbe is pleased that the uncertainty about Saab's future becomes clearer.

"We are excited with a focus on electric cars from an international perspective is the right time. In Sweden we have too few electric cars in operation and is far behind many countries. With the investments now are likely to open new export opportunities, "writes Ferbe in a statement.

Although Union thinks it is positive that the electric vehicle consortium buys Saab's bankruptcy estate. Chair Cecilia Fahlberg hope that the news could mean that employees' skills are utilized.

"Now there are opportunities for a much needed and positive injection into the region's businesses as well as a forward-looking technology. The Union has already highlighted the need for Saab employees' broad and solid skills can be used. Hopefully, today's ruling is a step in that direction, "she wrote in a statement.

There was also a day of rejoicing for the administrators who worked to find a buyer for Saab.

"Sales to Nevs is our most important measure to realize the assets of the bankruptcy. Our ambition has always been to find a comprehensive solution before the summer, so today we are very pleased to have reached this agreement, "said the administrators said in a statement.


The receivers have supported Saab's former owner Victor Muller at a distance, he too feels satisfied after the transaction.

- I have done what I said I would. I have been extremely anxious to find a buyer so that my employment can return to their jobs - it has been the main goal, he says.

[nordwulf]

The future of Saab Automobile AB
Press meeting Trollhattan
June 13, 2012

Kai Johan Jiang
Founder - National Modern Energy Holdings Ltd.



Three cornerstones for the future

We want to unite:

• Swedish manufacturing and design skills
• Japanese advanced technology
• China's progressive initiatives in sustainable transportation solutions

Our vision for the new company is to be the leading manufacturer of electric cars

The global context

• Large demand for sustainable automotive technology
• New technology is available — but has not reached the market
• The automobile industry is highly competitive

Targeting the growing Electric Vehicle market



EVs become crucial for China’s energy security

Fact: China’s oil demand would exceed world production if the country reached US vehicle penetration levels




Our business plan

The Saab Automobile 2011/2012 lineup
We will use IP rights for the 9 3



The Trollhattan plant - a world class production facility



The Saab Automobile brand

• A long and proud history of sophisticated design and innovation
• We will use this as a foundation — for our electric vehicles
• Important for customers, employees and suppliers

Scope of the agreement

We have acquired

• A world class production facility including the buildings, test facilities, and the Tools company
• IP rights for the Saab 9 3 and the Phoenix platform

Not included

• The spare parts company (Saab Automobile Parts AB)
• IP rights for 9 5 and 9 4X.

A dialogue regarding the brand is in progress

Components we will add

• Advanced Japanese EV technology
• Collaborative Swedish, Japanese and Chinese engineering
• Global marketing with initial focus on China, the largest and most important market for electric vehicles

We will recruit the best talents to implement our business plan

The EV product plan

Type1EV

Continue to develop 9-3 for electric drive
Launch target: year end 2013/2014

Type 2 EV

A completely new model. Based on cutting edge EV technology from Japan and the Phoenix platform

Owners and financing

National Modern Energy Holdings Ltd.

• Founded in 2004 by Mr. Kai Johan Jiang
• Incorporated in the British Virgin Islands, managed from Hong Kong
• Majority owner of State Power Group, a Beijing-based private enterprise that pioneers renewable energy in China
• State Power Group operates 28 biomass power plants and develops technology for wind power, efficient energy storage solutions and biofuel boilers
• The group employs over 7,000 skilled professionals

Sun Investment LLC

• Sun Investment LLC was established to finance outstanding Japanese technology for high performance sustainable solutions
• The company supports development of green technologies in various market segments, including renewable energy, energy storage/management and recycling
• The company aims to bring EV technology to the world market
• It is owned by private investors, banks and businesses

Financing

The long term financing is secured from the owners to implement the business plan
No approvals from the Chinese or Japanese authorities are required to begin with the implementation

Summary

• We have acquired the main assets from the bankruptcy estate, excluding Saab Automobile Parts AB and the IP rights for the Saab 9 5 and 9 4x owned by GM
• We will add advanced EV technology from Japan, combine Swedish, Japanese and Chinese engineering, and we will focus marketing on the China market
• Our business plan will transform the company in Trollhattan into a leading EV manufacturer
• We plan to launch our first EV, based on the Saab 9 3, by year end 2013/2014
• We will recruit the best talents to implement our business plan
• Good business relations with previous and future suppliers are a priority

[rpiereck]

I don't know, SAAB has always been an innovator in many areas in automotive technology. No need to list them here for a SAAB crowd. Like it or not, electric vehicles are part of our automotive future. Not the only sollution, maybe not the best, but certainly part of it. It will be very interesting if they manage to somehow maintain a SAAB identity with their new electrical vehicles, start innovating on this still developing area of vehicle technology. Tough job? Of course! Maybe SAAB will bring some excitement to electrical vehicles. Only can only hope for it.

I do however doubt we'll be seeing any new SAABs in the US for a while. Electrical or else.

[nordwulf]

It will be very interesting if they manage to somehow maintain a SAAB identity with their new electrical vehicles. Tough job? Of course! Maybe SAAb will bring some excitement to electrical vehicles. Only can only hope for it.

They don't mention anything about using the Saab brand and name. Future vehicles may not even use the Saab name.

Is the BAIC C70 still a Saab? It doesn't have a Saab badge but is still based on Saab technology. NEVS 1EV new vehicle based on the Saab 9-3 may not even look like a Saab.

We have acquired

• A world class production facility including the buildings, test facilities, and the Tools company
• IP rights for the Saab 9 3 and the Phoenix platform

[rpiereck]

"A dialogue regarding the brand is in progress."

I missed that part.