National Electric Vehicle Sweden AB (NEVS) has completed the deal to acquire most assets of the bankrupt Swedish carmaker Saab Automobile, but said it would not be able to use the automaker’s distinctive griffin head logo.
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. The transaction was conducted as a cash purchase. The purchase amount will not be disclosed.
However, NEVS did not obtain the rights to Saab’s logo — the griffin, the mythological half-lion half-eagle.
According to the agreement, the electric cars can be called Saab but the company cannot use the old griffin logo, which has been shared with the Saab defence and aeronautics group and Scania trucks, which all used to be part of the same corporate group.
The buyers of Saab Automobile said they would launch their electric car model in 2014
“The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhättan,” said Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB. ”In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain. I would like to express our gratitude and thanks to the receivers for their cooperation during this very complex process.”
“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,” said Kai Johan Jiang, CEO, National Electric Vehicle Sweden AB.