Following its announcement in June to acquire the remaining assets of bankrupt Swedish automaker Saab, as well as the assets of subsidiary firms Saab Powertrain and Saab Tools, National Electric Vehicle Sweden (NEVS) has confirmed today it has finalized the acquisition process. One key asset NEVS wasn’t able to attain is the right to use the famous griffin logo, which is currently owned by the separate Saab defense firm and truck manufacturer Scania. NEVS will, however, be able to use the Saab name on its future products.

NEVS' acquisition deal also includes the rights to the use of the platform underpinning the current 9-3, as well as the new Phoenix platform that was developed prior to Saab’s bankruptcy for a new generation of cars. It’s not clear yet if there will be any conflict with Saab’s previous owner, Spyker, which had licensed the rights to the Phoenix platform to Chinese firm Youngman, and recently announced its intention to build its own models off the platform though a joint venture with Youngman.

As for NEVS, the Chinese and Japanese consortium has also mentioned that it has acquired Saab’s former tools, manufacturing facilities and R&D centers in Trollhättan, Sweden, as well as shares in the company that owns the land which the facilities are built on. Though no financial details have been released, lawyers representing Saab’s former creditors have said in a statement they are pleased with the outcome.  

As previously reported, NEVS' goal is to build an electric version of the Saab 9-3 at Saab’s former Trollhättan plant, with a view to sell them in China initially. If successful, NEVS plans to build additional models based on the Phoenix platform and enter other markets.

In a statement, NEVS chairman Karl-Erling Trogen said the first completed vehicle could be introduced within the next 18 months.

In a separate statement, NEVS CEO and founder Kai Johan Jiang said development of the company’s first model was already well underway back in China and Japan.