Currency converter
All news
News Search Topics
Use filter
You can filter your feed,
by choosing only interesting

SAAB’‘s new owner not allowed to produce cars under world famous brand — media

August 20, 2015, 21:48 UTC+3 STOCKHOLM

The first car under SAAB brand was manufactured in 1949

1 pages in this article
© AP Photo/Thomas Kienzle

STOCKHOLM, August 20. /TASS /. SAAB AB military concern does not allow National Electric Vehicle Sweden AB (Nevs), the new owner of SAAB carmaker to produce cars under this world famous brand, Swedish radio reported on Thursday.

Sebastian Carlsson of SAAB AB said that the two companies are not in talks on extending of use of Saab brand by Nevs.

The first car under SAAB brand was manufactured in 1949.

In December 2011, SAAB carmaker was declared bankrupt and its debt exceeded $2 bln. The same year the management started the restructuring trying to protect the company from any attempts of liquidation or selling out.

The acquisition of SAAB by China’s Youngman and Pang Da for 100 mln euros was halted by its previous owner - General Motors. The US company referred to the uniqueness of its car production license agreements.

Eventually, Sweden’s Nevs became the new owner of SAAB and resumed car production in December 2013. The company was to produce 60,000 cars in 2014 but failed due to problems with funding. The assembly line was halted in summer 2014.

When Nevs announced the restructuring process the military concern revoked the right for the use of its brand in car making. Intensive talks and search for investors continued until very recently.

On Monday, Nevs announced that it will continue with car production at the facilities in the city of Trollhattan in the south west of Sweden with the assistance of China’s Dongfeng.

Show more
In other media
Partner News