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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.
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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.
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