Saab sold to Chinese-Swedish group

  • Bankrupt carmaker Saab has been sold to a Chinese-Swedish investment group, set to transform the company into a maker of electric vehicles.

    The buyer has been named as National Electric Vehicle Sweden. No sale price was given.

    Saab went bankrupt in December, two years after former owner General Motors sold it to Dutch group Spyker.

    In April, the administrator said Saab had assets to cover about a third of its $1.8 billion debts.

    In 2006, the firm’s car sales peaked at 133,000 cars and have since dropped to 93,000 cars in 2008 and 27,000 in 2009.