Hong Kong company completes purchase of Saab

Hong Kong-owned National Electric Vehicle Sweden said it has completed its takeover of bankrupt Swedish automaker Saab Automobile and will market its first electric cars in 2014.

NEVS is a joint venture between China's National Modern Energy Holdings and the Japanese fund, Sun Investment LLC. NEVS' CEO and main owner is Chinese born Swedish investor, Kai Johan Jiang.

His National Modern Energy Holdings Ltd owns 51% of NEVS while Japanese Sun Investment has 49%. Sun Investment is owned by private investors, banks and companies and was formed to finance the development of Japanese environmental technology.

NEVS has announced it expects to introduce its first electric vehicle in some 18 months under the Saab brand. The new electric Saabs will be sold mostly in China.

NEVS said it will use the Saab name but not the present logo (a griffin) for its electric cars. Saab, one of Sweden's iconic car brands, filed for bankruptcy in December 2011.

NEVS chairman Karl-Erling Trogen, said the efforts to implement the company's business plan can now be multiplied and focused on the development of a world-class electric vehicle in Trollhaettan, in southwestern Sweden where Saab is based.

"In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain," he said