Mahindra & Mahindra Hunt Down Majority Stake In Saab
Industry News
If you thought Saab was swimming with the fishes then maybe you were wrong, the embattled Swedish brand is on the hunt for renewed hope, as they say “when you hunt, let the game come to you.” Saab’s search for better fortunes has been like a roller coaster ride over the last two years, the company is stricken by debt and unable to move until it either goes bankrupt or a multi-billion dollar conglomerate steps in. Mahindra & Mahindra may well be the conglomerate to pick up the pieces which GM, Spyker and now current owners NEVS have failed to put together. NEVS is a renewable energy power plant builder in China and planned to turn Saab into an electric vehicle manufacturer. Those plans have been left dead in the water after the company struggled to meet its target of 130,000 vehicles per year and then sought protection from creditors in August as debts mounted. Reports suggest that Mahindra is close to buying a majority stake in NEVS, the Indian car maker wants to secure the Swedish company’s remaining assets and embark on aggressive expansion into Western markets. According to the administrators representing NEVS the deal with Mahindra has already been done and a period of due diligence is currently taking place. The website SaabUnited also confirmed this. NEVS is reputedly also in talks with a Chinese car maker in a joint venture to manufacture new vehicles, reports from Sweden suggests the company is Dongfeng Motor. Dongfeng has multiple Sino-foreign joint ventures and the company produces and sells foreign branded cars in China ranging from Honda, Citroen, Renault, Nissan, Peugeot and Nissan.  Saab-93-Electric
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