Chinese-Swedish investment group National Electric Vehicle Sweden (Nevs) has bought bankrupt carmaker Saab for an undisclosed amount.

Nevs plans to turn the Swedish manufacturer in to a leading electric vehicle (EV) carmaker, starting with an electric drive re-version of the Saab 9-3 model using Japanese EV technology.

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Many brands have launched EV models in the last few years including Renault, another continental manufacturer with worrying sales figures, which aims to have a full EV range ready for market in 2012/13.

Although starting from a low base, sales in the alternatively-fuelled sector grew 31.8%, year-on-year in the UK in May, according to the Society of Motor Manufacturers and Traders and have already sold 12,145 units this calendar year.

Built for purpose

Saab national and international operations were placed in administration throughout late 2011 and filed for bankruptcy in December but still holds assets worth 13bn kronor (£1.2bn) which would cover approximately a third of its debt, according to the company’s administrators.

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Nevs, which is 51% owned by Hong-Kong green energy specialists National Modern Energy Holdings and 49% owned by Japanese investors Sun Investment, was established for the purpose of acquiring the assets of the Saab estate.

The company will be run by chairman Karl-Erling Trogen, formerly head of trucks and construction equipment at Volvo, and chief executive Kai Johan Jiang, a Chinese businessman with Swedish citizenship.

richard.brown@vrlfinancialnews.com