It’s been announced Saab has been purchased by National Electric Vehicle Sweden (NEVS) – a firm created especially for the buyout of the brand – but no purchase price was given.
The company says it plans to modify the current Saab 9-3 to be an electric car which will use ‘advanced technology from Japan’, said a statement.
The modified 9-3 will form NEVS’ plans to become ‘a leading manufacturer of electric vehicles’, will be built at Saab’s factory in Trollhaettan, and is expected to hit the market in late 2013.
The deal does not cover Saab’s parts operation.
However, NEVS will have to deal with Saab’s large debts – which are reported to be 13bn Kronor (£1.2bn).