An unholy alliance of a Japanese investment firm and a Hong Kong-based electric propulsion system manufacturer has yielded some interesting results: the consortium announced that it bought the remains of dead Swedish carmaker Saab, and will use them to make a new electric car that will be sold primarily in China.
Saab has been in some sort of freefall or another since the 1990s, when the quirky Swedish cars began to fall out of favor and from the zenith it hit in the 1980s. Support from General Motors, which purchased 50 percent in 1990 and another 50 percent in 2000, was either limited or simply not enough to keep the niche brand afloat, depending on your perspective (brand loyalists abide by the former). The company faced imminent death as GM tried to jettison unprofitable products during its 2009 bankruptcy, and was slated to be wound down, but a last-ditch effort from Dutch automaker Spyker Cars was approved, and Saab had a new owner in 2010. Spyker’s efforts weren’t any more successful, and Saab ultimately fell into administration by the end of 2011.