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Consortium signs Saab rescue deal

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Swedish car-maker Saab has been rescued from insolvency by a consortium of investors from Hong Kong and Japan (AP)

Swedish car-maker Saab has been rescued from insolvency by a consortium of investors from Hong Kong and Japan (AP)

Swedish car-maker Saab has been rescued from insolvency by a consortium of investors from Hong Kong and Japan (AP)

An electric car-making consortium has penned a deal to buy the better part of bankrupt Swedish car-maker Saab, rescuing the brand from insolvency.

The consortium is led by investors from Hong Kong and Japan, and chaired by a former Volvo Trucks executive.

The price tag for Saab's assets, which includes the main parts of the car manufacturing division as well as the powertrain and tools wings, was not made public.

The buyer, National Electric Vehicle Sweden AB, is owned to 51% by Hong Kong-based National Modern Energy Holdings and to 49% by Japanese investment group Sun Investment LLC.

It was recently formed with the purpose of bidding for Saab, which is based in Trollhattan in western Sweden.

PA