Saab resurrected by Japan-China venture

TROLLHATTAN, Sweden, June 13 (UPI) -- A Chinese and Japanese joint venture has resurrected bankrupt automaker Saab from the dead, the companies said Wednesday.

Autos & Trends said the sum paid for Saab by National Electric Vehicles Sweden was $210 million to $250 million, about a third of its value in 1989, when General Motors paid $600 million for 50 percent of the company.

In 2000, GM paid an additional $125 million for the remaining outstanding shares.

The Wall Street Journal reported NEVS, 51 percent owned by National Modern Energy Holdings Ltd. of Hong Kong and 49 percent by Sun Investment LLC of Tokyo, was formed with the specific purpose of buying Saab.

GM sold Saab to Dutch car company Spyker in 2010 as it scaled back its foreign production in the wake of the recession. The company filed for bankruptcy in December 2011.