Despite all odds, Saab will soldier on. The Detroit News reports National Electric Vehicle Sweden AB has agreed to purchase a majority of the bankrupt automaker. The consortium is owned by Hong Kong-based National Modern Energy Holdings Ltd. and the Japanese investment group Sun Investment LLC, and that the two created NEVS just to purchase Saab. The group is currently led by a former Volvo Trucks executive. The purchase takes over the $1.9 billion in Saab debt. Both the bankruptcy administrators and NEVS agreed not to disclose the sale price for the company.

Interestingly enough, the sale does not include Saab Automobile Parts AB. Instead, the Swedish National Debt office has announced it intends to take over the parts business.

Meanwhile, Automotive News Europe reports the first vehicle from the newly-rescued Swedish automaker will be an electric car. Based on the next 9-3, the EV will bow in 2014, though there are few details available beyond the projected launch date. According to SaabsUnited, NEVS only purchased the rights to the next-gen 9-3, not the rest of the (now ostensibly completely dead) Saab lineup that included the 9-5 sedan and 9-4X crossover.

Saab hasn't built a single car since 2011. The automaker filed for bankruptcy in December after all production stopped in March of the same year. According to Automotive News, Saab hasn't been profitable in nearly 20 years, though that figure has been the subject of dispute by its previous owners, who held that former parent General Motors used the brand as a channel to offload debts and development costs.


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  • 82 Comments
      Classic Bob
      • 2 Years Ago
      I should be nice and wish them luck,.. but i really hope NEVS EV plans quickly flop, so a real automaker could pick up the pieces and revive SAAB properly. BTW, the debt office was wise to keep SAAB Parts out of this deal, at least the replacement parts supply stream doesn’t have to face another bankruptcy...
        Classic Bob
        • 2 Years Ago
        @Classic Bob
        I just read the report about what NEVS wants to do with SAAB, and it doesn’t sound half bad.. If they really do performace hybrids, SAAB could still appeal to the masses. Just hope that their pockets are deep, because it will take a while to rebuild the sales network...
      mic414
      • 2 Years Ago
      What a shame to let the new 9-5 die. I've seen several of them in Europe earlier this year and they look great, one classy big sedan. Much nicer than most of the current large sedans available from other manufacturers (including GMs large cars). Someone ought to save this model....
        mkenjalo
        • 2 Years Ago
        @mic414
        They had no choice. GM owns most of what's key to make the new 9-5, which they vehemently didn't want to sell the rights for (knowing that this would effectively kill the brand). However, by the time the next 9-5 shows up, GM can take the old one and...you know.
        turbomonkey2k
        • 2 Years Ago
        @mic414
        It's not dead. If you really want a 9-5 just pick up a new Malibu, duct tape over the GM/Chevy badging and write SAAB in crayon on the duct tape. Heck, you might even be able to trick a Saab fanboi when it comes time to sell it.
          swedej
          • 2 Years Ago
          @turbomonkey2k
          The Malibu is noyjing even close to the 9-5. If anything it is a cheap GM copy of the 9-3.
      Alex740
      • 2 Years Ago
      I think this is interesting, let's face it, Saab has been dead for years. The new 9-5 was a very handsome car but in no way a Saab in anything other than name - big, no hatch, GM partsbin, Turbo (everyone does turbo now) with a start button on the center console and unjustifiable price. If the new company takes the Saab developed and Castriota designed new 9-3 hatch and sells it with a truly innovative powerplant maybe this new venture could be a real new beginning for Saab, they were always a niche brand anyway. And no, the new company is not Chinese, there is Chinese investment with Japanese and Swedish leadership for all those who fear the Chinese here on autoblog.
      aa
      • 2 Years Ago
      The debt does not carry on to the new owners. By Swedish law, the money generated from the sale of a bankcrupt company is used to pay off as much as possible of the debt the company had when it filed for bankcruptcy. Any remaining debts are then written off when the new owners take over.
      djndy
      • 2 Years Ago
      I have owned several SAABs. I bought my first new one in 1978, and my present SAAB is a 2002 with 72,000 miles. Never had a single mechanical problem; I expect I will be driving it for years to come. It is a fantastic car. What the mismanaged GM corporation did to destroy this brand was criminal.
        Katrina Hawthorn'Coo
        • 2 Years Ago
        @djndy
        I agree with you, I love my SAAB and was truely disgusted with GM, like most people there are concerns about what the new owners will do but they do produce some great vehicles, Toyota's are great cars too so I dont think they'll do to badly, lets wait and see:) Very excited to see what comes out:)
      throwback
      • 2 Years Ago
      "Based on the next 9-3, the EV will bow in 2014" I'll believe it when I see it. I'm sure the dealers will simply wait patiently for cars to sell.
      SCOTT !!!!!!!!
      • 2 Years Ago
      Soon if we don't look around to much...China is going to be making or owning all the cars made in the world. They think long term. That is why the US has little to no manufacturing anymore.....they figured out a way to take it from us. Starting with dumping cheap steel on the US which closed down our steel mills....we have been at war for along time with China ....but to dumb and blind to see it.
      LEDfoot
      • 2 Years Ago
      Should have named the company National Electric Wagon Sweden Automobile AB - NEWSAAB
      VDuB
      • 2 Years Ago
      Is this final? Seems like I've read this 10 times already.
      itsmegp46
      • 2 Years Ago
      Saab was that funky car that weird, fringe people liked to buy and drive. It was never anything special except that being FWD for the most part, it had good traction in winter weather. Other than that, it was just a luxury car wannabe, overpriced with poor reliability judging by some of my neighbor's horror stories.
      throwback
      • 2 Years Ago
      "Based on the next 9-3, the EV will bow in 2014.." I'll believe it when I see it. I'm sure the dealers will simply wait patiently for cars to sell.
      PhilliePhan75
      • 2 Years Ago
      They;re going to write a book about it. It will be called Saab Story
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