- Jun 20, 2012
Saab majority buyer headed by businessman with biofuels background
The China-based entity slated to be the majority owner of Saab is headed by a tycoon that runs companies in the biofuels industry, the Associated Press reports.
Kai Johan Jiang, who once worked for Volvo Trucks, heads a company called National Bio-Energy Group that builds power plants fueled by straw, corn stalks and other farm waste, the wire service said. That company partners with the China government-owned State Grid on biomass energy production. State Grid also installs electric-vehicle charging stations and other infrastructure necessary for EV use throughout China.
Jiang oversees the entity that owns 51 percent of National Electric Vehicle Sweden AB (NEVS), which recently reached an agreement to buy Saab out of bankruptcy for a price that wasn't disclosed. The buying group, which will be run by ex-Volvo Trucks chief Karl-Erling Trogen, will re-establish the longtime Swedish automaker as a purely electric-vehicle company, with plans to debut an EV version of the 9-3 by 2014.