National Electric Vehicle Sweden AB has finalized acquisition of the Saab Automobile bankruptcy estates

Monday, September 03, 2012 – National Electric Vehicle Sweden AB (NEVS) today announced that the company has finalized its acquisition of the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB, effective August 31, 2012. The prerequisites for implementing the NEVS business plan are now in place. 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.

”The Receivers are very pleased that the transaction involving NEVS and the bankruptcy estates, which all involved parties have intensely worked for over an extended period, is now complete,” said Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights.

“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.

NEVS is wholly owned by National Modern Energy Holdings Ltd., whose founder and principal owner is Kai Johan Jiang.

NEVS has signed a licensing agreement with Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicle manufacturing company is named National Electric Vehicle Sweden AB, “NEVS”. The vehicles and related products and services will be named SAAB. The present logotype will not be used.

Recruitment to the management team and key positions at NEVS is in progress. As of today, about 75 people have received employment offers.

National Electric Vehicle Sweden AB acquires the main assets of Saab AutomobileWednesday,

June 13, 2012

National Electric Vehicle Sweden AB to establish a new venture for development and manufacturing of electric vehicles (EVs) in Trollhättan, Sweden.

National Electric Vehicle Sweden AB (NEVS) and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The agreement includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden. The price for the assets has not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.

“The sale to NEVS is our most important action to realize the assets of the estate,” said Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights. “From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having reached this agreement.”

NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders. The company will establish a new automobile venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs).

The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan. Launch is targeted at year-end 2013/2014.

In parallel with EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

“China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels,” said Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS. “The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum- fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan.”

NEVS aims to become a leading manufacturer of electric vehicles. Recruitment to a number of key positions in the company is in progress, and the following step is to hire skilled engineers to the Trollhättan site, in order to immediately start the product development. The development will be conducted in collaboration between Swedish, Japanese and Chinese engineers.

“I am delighted that we can build on Saab Automobile’s skills in vehicle design and production to start a new future-oriented venture in Trollhättan, where world class manufacturing facilities are available,” said Karl-Erling Trogen, Chairman, National Electric Vehicle Sweden AB. “We will match Swedish automobile design and manufacturing experience with Japanese EV technology and a strong presence in China. Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhättan.”

About National Electric Vehicle Sweden AB

National Electric Vehicle Sweden AB (NEVS) has been established for the purpose of acquiring the assets of the Saab Automobile bankruptcy estate. Using existing resources, and adding Japanese cutting-edge technology, NEVS plans to start a new venture in Trollhättan, Sweden, aiming to become a leading manufacturer of electric vehicles.

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