No Plan to Move Saab Production to China, Buyer Says
(Beijing) –The buyer of Saab says there are no plans to move production, despite a statement by the Swedish automaker that it will make China its target market after its sale to a Sino-Japanese investment group.
Kai Johan Jiang, chief executive of National Electric Vehicle Sweden (NEVS), which bought Saab, said on June 18 there were no plans to move manufacturing from Trollhattan, Sweden, to China.
On June 13, bankrupt Saab said it had agreed to sell its main assets to NEVS, including Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, and the rights to the 9-3 model and technology for the new Phoenix model.
NEVS is jointly owned by Hong Kong-based biomass power plant operator National Modern Energy Holdings Ltd. and Japanese investment firm Sun Investment LLC.
Saab will focus on the development of electric cars, but will not consider hybrid vehicles, Jiang said.
Saab said the first vehicle would be electric and based on the 9-3 model. It will go on sale by early 2014 and target the China market.
No financial details of the deal have been revealed, but market observers speculated the value of the transaction would be about US$ 250 million. Jiang refused to disclose the amount, but said NEVS' bidding "is not the highest," "but we are the most sincere."
NEVS started negotiations with Saab one year ago and there were 13 international competitors, Jiang said. "Our efforts in clean energy have been well recognized, and this is the major reason for us to win the deal," said Jiang, the founder of National Modern Energy Holdings.
The company was started in 2004 and is controlled by Beijing-based State Power Group, which operates 28 biomass power plants in China.
Dec 06 18:18
Dec 06 16:36
Dec 06 16:04
Dec 06 13:34
Dec 06 11:26
Dec 06 11:36
Dec 06 06:25
Dec 06 03:01
Dec 06 03:14
Dec 05 18:03
Dec 05 17:03
Dec 05 15:39
Dec 05 14:23
Dec 05 14:26
Dec 05 12:57
- 1Two China Firms Miss $526 Million Bond Payments as Woes Grow
- 2Exclusive: Founder Warns of ‘Extremely Tight’ Liquidity After Bond Default
- 3Overseas Deposits Pour Into Singapore’s Banks
- 4In Depth: Is China’s Once-Booming P2P Sector Facing a Dead End?
- 5World’s Most Famous Hedge Funds Battle for Recognition in China
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas