Report: Youngman Saab-Blocked Again, as Failed Automaker Goes Electric
We reported just a few days ago that despite twice being bumped out of the bidding war for Saab, Zhejiang Youngman Lotus Automobile, reentered the bidding with a $552 million bid. Apparently, this was still seen as an unsafe bid and the Chinese firm was again stuck with the highest bid, but no car company to show for it.
This time around, it looks as if Saab has finally found itself a home. Sweden-registered and Hong Kong-based firm, National Electric Vehicle Sweden AB, has been awarded the folded automaker and what’s left of its assets, according to a Swedish newspaper. The winning bid is estimated to be between $208 million and $250 million. That is less than half of the last reported bid by Youngman, which really shows that the Chinese firm was either demanding the parts operation, which the NEVS AB deal does not include, or just not seen as a trusted bidder.
The deal is expected to be finalized and pen is expected to hit the “Sign Here” line in about a week, if the reports are accurate. After that, NEVS AB can take complete ownership of what’s left of Saab, which is little more than an S, a pair of As, and a B. We are not aware of NEVS AB’s plans with Saab, but we can say with a lot of certainty that it will involve alternative fuels (i.e. electric, hydrogen, hybrid, etc.)
We have yet to receive official confirmation on the deal, but this looks to be the real deal, FINALLY. We will keep you updated as more information becomes available on the ongoing Saab saga.