National Electric Vehicle Sweden AB (NEVS) has finalized its acquisition of the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, effective August 31, 2012. The prerequisites for implementing the NEVS business plan are now in place. The acquisition includes IP rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant, and test and laboratory facilities. The acquisition also comprises all outstanding shares in the property company which owned the Saab facilities in Trollhättan, Sweden.

NEVS has signed a licensing agreement with Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicle manufacturing company is named National Electric Vehicle Sweden AB, “NEVS”. The vehicles and related products and services will be named SAAB. The present logotype will not be used.

Recruitment to the management team and key positions is in progress. As of today, about 75 people have received employment offers.

NEVS is wholly owned by National Modern Energy Holdings Ltd., whose founder and principal owner is Kai Johan Jiang.

NEVS is an international consortium formed by Swedish and Chinese stakeholders. Based on existing resources and with the addition of Japanese leading edge technology, the company is establishing a new venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs). NEVS aims to become a leading manufacturer of electric vehicles.

Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS:
“China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels. The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan. Engineering and development of our first electric vehicle has been underway for an extended period in China and Japan, and now, with the manufacturing facilities in our possession, we are able to continue development work on site at Trollhättan.”

Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB:
“I am delighted that we can build on Saab Automobile’s skills in vehicle design and production to start a new future-oriented venture in Trollhättan, where world class manufacturing facilities are available. We will match Swedish automobile design and manufacturing experience with Japanese EV technology and a strong presence in China. Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhättan.”

“The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhättan. In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain.”

From P4 West (original story): The deal to complete the purchase of Saab’s assets has taken longer than initially estimated. But at the end of last week one big step closer to completion was taken when NEVS made a considerable partial payment of sum agreed upon.

The payment means that a part of the purchase is now completed, this was performed after a meeting with the bankruptcy administrators in Gothenburg last friday.

About two days ago some small news was circulated about volvo cutting 2-300 jobs in the production. Volvo is also decreasing the production rate of cars from 57 to 52 cars per hour due to decreased sales. The worst part of it all I learned yesterday, that a lot of these employees are people who were hired by Volvo after the Saab bankruptcy, they are in such, former Saab employees who have now lost their second job within a period of less than 12 months.

Most of these people will have to leave Volvo as early as October 1st.

More and more bad news about Volvo is coming up every now and some real-life stories about huge discounts being offered on new cars tells a story that not everything is as it should be.

For the first time NEVS actually responds to the rumors that have been floating around. Dagens industri posted rumors this morning that NEVS had a lack of funding and that an ultimatum had been placed upon them to pay the outstanding debt by friday, this is denied by NEVS. They do so to the state-owned and highly regarded Radio channel P4 West.

Victor Jenssen, the reporter which has been covering Saab for the past year talked to Mattias Bergman, spokesman for NEVS.

- We have the money required to come to a closing of the deal.
Are you missing any funds?
- No, we have the money required.
According to some information published the deal was supposed to have come to a closing last week, but due to a lack of funding it was delayed?
- This is an extremely complex deal and we’re working with the highest focus on coming to a closing as soon as possible. Funding is not one of the issues involved. In order for us to come to a closing of the deal, all the details and documents needs to be catered for and right now they not yet done.

Mattias Bergman does not want to go into more details of what remains before the deal is finished, he does not want to state when the deal could be finished.
- The objective is to come to a closing as soon as possible say Mattias.
Do you see any risk in the deal not being performed?
- We are still positive that we will come to a closing soon.

According to a rumor posted Dagens Industri, NEVS has been given a deadline to pay the outstanding amount by friday otherwise the deal is off. We’ve heard this from yet another source however can not confirm if it is accurate or not.

According to the rumor, one company providing funding for NEVS have dropped causing a delay in the purchase. The administrators pressured by creditors obviously needs to secure funds or at least set a deadline for when the deal needs to be finalized, the date was set for friday according to DI.se