Reuters: Bankruptcy News: Buyer of bankrupt Saab aims for electric cars

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Buyer of bankrupt Saab aims for electric cars Jun 13th 2012, 11:12 TROLLHATTAN, Sweden, June 13 | Wed Jun 13, 2012 7:12am EDT TROLLHATTAN, Sweden, June 13 (Reuters) - A Chinese-Sweden investment group with Japanese backing has agreed to buy bankrupt car maker Saab Automobile and will aim to make electric vehicles, the administrator of the bankruptcy process said on Wednesday. In a statement, the administrator gave no details on how much the buyer, National Electric Vehicle Sweden AB, was paying for Saab or how much it would invest. "The company will start a new operation in Trollhattan (home to Saab in western Sweden) where all development and production will be focussed on electric cars," the administrators said. Saab crashed into bankruptcy at the end of 2011, less than two years after former owner General Motors sold it to Dutch group Spyker. (Reporting by Johan Ahlander, writing by Patrick Lannin)

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