National Electric Vehicle Sweden AB announced on Aug 31 that it finalized the acquisition of main assets of Saab Automobile AB, including the intellectual property rights for the Saab 9-3, IP rights for the Phoenix platform, tools, the manufacturing plant, and test and laboratory facilities.

NEVS is wholly owned by Hong Kong-based National Modern Energy Holdings Ltd, whose founder and principal owner is Kai Johan Jiang, an ethnic Chinese citizen of Sweden. The new owner of Saab plans to introduce its first electric vehicle in about 18 months based on Saab 9-3 technologies and a new electric powertrain.