Saab is to be reborn as an electric car manufacturer focused on China under rescue plans drawn up by a Chinese-born entrepreneur.
One of Scandinavia’s best known industrial brands is being bought out of bankruptcy by National Electric Vehicle Sweden. Kai Johan Jiang, the chief executive and main owner of NEVS, said the purchase of Saab heralded a “new era” in the car industry. He added: “Marketing and sales will be global but initially we will focus on China. It’s there we see the biggest market for electric cars.”
Saab has been making cars since 1947 but went bust at the end of 2011, less than two years after former owner General Motors sold it to Dutch group Spyker. Despite its distinctive brand and loyal fanbase, Saab has struggled against bigger competitors and failed to capitalise on emerging market demand for premium cars in recent years.