Those hoping to save insolvent Swedish automaker Saab have gotten some electrifying news. The court administrators overseeing the company’s bankruptcy have given the green light to a Japanese-Chinese consortium that appears to focus on clean energy to buy the remaining Saab assets for a reported figure of around $250 million.
The one remaining obstacle is whether they will also get the right to the Saab name itself and the brand’s logo, which belong to defense firm Saab AB and truck manufacturer Scania AB.
What’s also uncertain is what the new owner, National Electric Vehicle Sweden AB has in mind for Saab. The firm was only recently registered in Sweden and is actually a joint venture owned by Hong Kong-based National Modern Energy Holdings Ltd., with a 51% stake, and Japan’s Sun Investment LLC.
The Chinese company has, until now, been focused on biomass power plants and related projects for China. Japan’s Sun has been funding high-tech environmental and sustainable energy programs. Neither firm appears to have any past connection to the auto industry.
Among the questions yet to be answered: (more…)