Mexican Media Brands
Mahindra to Take Control of Saab Car Operations
Mahindra & Mahindra Ltd. reportedly has agreed to buy a majority stake in National Electric Vehicle Sweden AB, the Chinese-Japanese group that had been struggling to relaunch Saab Automobile.
#hybrid
Share
Mahindra & Mahindra Ltd. reportedly has agreed to buy a majority stake in National Electric Vehicle Sweden AB, the Chinese-Japanese group that had been struggling to relaunch Saab Automobile.
NEVS administrator Lars Gustafsson announced earlier today that an unnamed Asian carmaker has signed a letter of intent to acquire a controlling share in the company. The Web site SaabsUnited identifies Mahindra as the purchaser.
Gustafsson says the buyer will provide bridge loans to NEVS of €5 million per month until negotiations are completed in February.
NEVS bought the assets of bankrupt Saab Automobile in 2012 for an estimated 1.8 billion kronor ($240 million) after former owner Spyker Cars NV filed for bankruptcy. The company resumed low-volume production of the Saab 9-3 sedan in late 2013 but ran out of cash and suspended output in May 2014.
The company had hoped to quickly add an all-electric model and reach annual sales of 120,000 cars in 2016.
RELATED CONTENT
-
The Genovation GXE: >220 mph and Street Legal
A 2019 Corvette Grand Sport has a starting price on the order of $66,950. The Genovation GXE, which is predicated on the Corvette Grand Sport, will set you back some $750,000.
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.
-
2019 Honda Insight
One of the things that rarely gets the amount of attention that it should in a typical “car review” is the fact that for a considerable amount of time drivers are not “getting on the throttle” because for a considerable number of drivers, they’re “dwelling on the binders,” a.k.a., sitting with their foot depressed on the brakes, perhaps lifting every now and then in order to nudge forward in traffic.