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
-
Aluminum Sheet for EV Battery Enclosure
As the number of electric vehicles (EVs) is about to increase almost exponentially, aluminum supplier Novelis is preparing to provide customers with protective solutions
-
Internal Combustion Engines’ Continued Domination (?)
According to a new research study by Deutsche Bank, “PCOT III: Revisiting the Outlook for Powertrain Technology” (that’s “Pricing the Car of Tomorrow”), to twist a phrase from Mark Twain, it seems that the reports of the internal combustion engine’s eminent death are greatly exaggerated.
-
Tesla Owners in Germany Ordered to Return Subsidy
Germany has ordered about 800 Tesla Model S electric cars owners to pay back a €4,000 ($4,700) government subsidy they received.