Saab Owner NEVS Close To Securing New Asian Backer Photo:
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Trevor Collett | Dec, 02 2014 | 7 Comments

National Electric Vehicle Sweden (NEVS) says it is close to signing a deal with a major carmaker, which would once again save the Saab brand from extinction.

The carmaker was on the brink of bankruptcy earlier this year, sacking 200 employees and halting production of its born-again Saab 9-3 in May.

NEVS’ creditors were knocking at the door until a Swedish court granted the carmaker temporary bankruptcy protection, which was due to expire on November 29.

That date has now been and gone, but NEVS has returned to the Swedish courts seeking a three-month extension - saying it has signed a preliminary agreement with a “major OEM manufacturer” from Asia while continuing negotiations with a second Asian carmaker.

So which carmaker has put pen to paper? NEVS is refusing to say, citing a confidentiality clause in the preliminary agreement.

NEVS claims its creditors are aware of the new agreement however; armed with information about the negotiation process that may include the identity of the new partner.

The agreement is understood to include a majority stake in NEVS for the carmaker in question, along with a rescue package and funding to develop future models.

Saab has been consistently linked with Indian carmaker Mahindra throughout the year, with rumours further fuelled by the ‘Asian manufacturer’ clue.

NEVS had originally planned to get the 9-3 back on the road in 2014 with sales in Europe and China, before developing its all-electric 9-3 as the first major model update.

Those plans seem like a distant dream for now, after the original business partnership with a Chinese company effectively collapsed.

Stay tuned to TMR for more.

MORE: Saab 9-3 SportCombi Returning, Phoenix Still To Come - Report
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