Sino-Japanese Group Buys Bankrupt Saab

(Beijing) – Bankrupt Swedish automaker Saab has reached an agreement for a Chinese-Japanese investment group to buy it, according to a joint statement on June 13.

The buyer, National Electric Vehicle Sweden (NEVS), is 51 percent owned by Hong Kong-based National Modern Energy Holdings Ltd., which builds high-efficiency biomass power plants. The Japanese firm Sun Investment LLC. owns 49 percent of NEVS.