The future of Saab will have less to do with airplanes and more to do with household appliances, with the news today that a Chinese-Japanese investment group has purchased the bankrupt Swedish automaker.
The investment group, comprised of Sun Investment of Japan and National Modern Energy Holdings Ltd. of Hong Kong, is backing National Electric Vehicle Sweden AB, which has purchased Saab for an unnamed price. The plan, says NEVS, is to transform Saab into an automaker focused exclusively on building electric cars.
In a statement the company has said it will open a new facility in Trollhattan, Sweden, which is where Saab is headquartered.
Bought by General Motors in 2000, Saab has lost money for over two decades and was sold to Dutch supercar maker Spyker in 2010 as part of a reorganization that also saw the closing of the Pontiac, Saturn and Hummer divisions.