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Asian electric car consortium to save SAAB

 

An electric car consortium, led by Hong Kong and Japanese investors, looks set to buy the better part of bankrupt Swedish car maker Saab.

The price for the assets, which include the main parts of the manufacturing division as well as the powertrain and tools, was not made public.

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

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