Sino-Japanese Group Bids for Saab

A consortium led by Japanese venture capital firm Sun Investment and Chinese utility company National Modern Energy Holdings Ltd. says it has made a bid for bankrupt Saab Automobile AB.

The investors have formed a company called National Electric Vehicle Sweden AB to buy Saab's assets. The group isn't disclosing the size of its bid or its business plan for the Swedish brand, including whether it wants to build Saab EVs. But the consortium says it is interested in Saab's innovation, brand image and world-class manufacturing.

Saab entered bankruptcy in Sweden in December. The main obstacle to a sale is former owner General Motors Co.'s unwillingness to license its technology which underpins many Saab models to a new owner.