China biomass tycoon leads deal to buy Saab Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 02:43 a.m., Thursday, June 14, 2012 SHANGHAI (AP) — The Asian consortium planning to rescue Swedish automaker Saab Automobile from insolvency is led by a mainland Chinese alternative energy tycoon whose company has close ties with China's State Grid electricity utility. Being linked to the acquisition of Saab's car making assets could help bring the huge, state-owned utility a step closer toward its long-sought goal of breaking into the electric vehicle market. Saab's buyers say they plan to meld Swedish car design and manufacturing know-how with Japanese electric vehicle technology to promote premium electric vehicles in China — a goal that has so far proven elusive. China's economic planners have made development of electric vehicles a top economic priority, driven both by the need to reduce smog and also to curb soaring dependence on imported crude oil. Though Saab is not especially known for its prowess in electric vehicles, it will likely provide a platform for a prototype that State Grid could use to gain better cooperation with mainstream auto manufacturers, said Bill Russo, president of the consultancy Synergistics Ltd.
China Biomass Tycoon Leads Deal To Buy Saab
Business Heds Index, Seattle Post-Intelligencer: Business
Thu, 06/14/2012 - 3:28am
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