Under the deal, which was completed on 31st August, NEVS has owns main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. Included are the intellectual property rights for the 9-3 and Spyker-developed Phoenix platform due to underpin the next model, as well as the manufacturing plant, test and laboratory facilities.

The carmaker is planning to launch its first model, an electric version of the 9-3 using a Japanese-developed drivetrain, within two years. Offers of employment have already been sent out to staff being considered for 75 management and other key roles within the company, which will be based out of the carmaker’s headquarters in Trollhattan, Sweden.

Saab Parts AB and the GM-owned intellectual property rights for the larger 9-5 saloon are not included in the sale. NEVS will be able to sell Saab-branded cars under license from aerospace and defence company Saab AB, but is unable to use the existing logo.

Karl-Erling Trogen, chairman of NEVS, said: ‘We will match Swedish automobile design and manufacturing experience with Japanese EV technology and a strong presence in China. Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhättan.

‘The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhättan. In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain.’

Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS, added: ‘Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan. Engineering and development of our first electric vehicle has been underway for an extended period in China and Japan, and now, with the manufacturing facilities in our possession, we are able to continue development work on site at Trollhättan.’