Hong Kong's renewable-energy power-plant builder National Modern Energy Holdings Ltd. and Japan's Sun Investment bought bankrupt Saab Automobile AB and will produce electric vehicles, Bloomberg News said Wednesday. The price was not disclosed.
The buyers formed National Electric Vehicle Sweden AB to purchase the Trollhaettan, Sweden-based company, which hasn't built cars since last year after ending production in March 2011 and then filing for bankruptcy in December. The bankruptcy followed the February 2010 sale of the company by General Motors Corp. to Dutch group Spyker NV.
