Buyer Gains Rights to Saab Car Name

Swedish defense company AB Saab has licensed the Saab name for an undisclosed sum to National Electric Vehicle Sweden, which agreed in June to buy the assets of the bankrupt Saab Automobile AB.

The EV startup did not obtain rights to Saab's griffin logo, which is used by the defense company and truckmaker Scania AB.

NEVS also says it has finalized the purchase of Saab assets from the company's bankruptcy administrators. Swedish news agency TT reports that the price may be revealed in November when documents are filed in court.

The company, which is owned by a Chinese-Japanese consortium, says it will focus on developing its first EV at its engineering facility in Trollhattan, Sweden. NEVS expects to introduce the new model, which will ride on Saab's next-generation 9-3 platform, in about 18 months.

NEVS reiterates that its acquisition includes Saab's tooling, Trollhattan assembly plant, R&D facilities and intellectual property rights to the 9-3 and the unfinished Phoenix platform.

But Saab owner Spyker Cars NV said last year it had sold rights to the Phoenix platform for €80 million to China's Zhejiang Youngman Lotus Automobile Co. Spyker and Youngman signed a tentative equity deal last week that including producing a line of cars based on the Phoenix architecture.

None of the companies has explained the apparent discrepancy.