Mexican Media Brands
New Owner to Invest Nearly $1 Billion in Saab
The Chinese-Japanese group that has agreed to buy most of Saab Automobile AB's assets earlier this week has lined up 7 billion kronor ($986 million) in long-term financing to develop and manufacture electric vehicles, Dagens Industri reports.
Share
The Chinese-Japanese group that has agreed to buy most of Saab Automobile AB's assets earlier this week has lined up 7 billion kronor ($986 million) in long-term financing to develop and manufacture electric vehicles, Dagens Industri reports.
Kai Johan Jiang, CEO of National Electric Vehicle Sweden AB the company created for the acquisition tells the Stockholm-based newspaper that the vehicles would be built at Saab's existing facilities.
The terms of the deal were not announced. But Dagens Industri estimates that NEVS will pay about 1.8 billion kronor ($254 million) for Saab.
The newspaper, citing an anonymous source, says NEVS hopes to collaborate with Indian SUV maker Mahindra & Mahindra Ltd. to finish Saab's PhoeniX platform. Earlier news reports said M&M was among the prospective bidders for Saab.