News Summary: Asian electric car group to buy Saab

AP News
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Posted: Jun 13, 2012 2:59 PM
News Summary: Asian electric car group to buy Saab

SAAB STORY: Swedish automaker Saab Automobile was rescued from insolvency when an Asian consortium sealed a deal to buy the brand's main assets with the aim of making electric cars. The price was not disclosed.

BUYER BIO; The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC.

BREAKDOWN: Saab, which has more than 3,000 workers, filed for bankruptcy in December after its previous owner, the Dutch luxury car group Spyker failed to get sufficient backing.