• Youngman raises bid for Saab Automobile

Japanese-Chinese electric vehicle consortium Electric Vehicle Consortium National Electric Vehicle Sweden (NEVS) is buying Saab Automobile, business daily Dagens Industri said Tuesday.

The consortium is owned to 51 percent by a firm controlled by 47-year-old Swedish-Chinese businessman Kai Johan Jiang, who is expected to become CEO of NEVS. 

Kai Johan Jiang, born 1965, worked for seven years in the 1990s as an advisor to Volvo Trucks' former CEO Karl Erik Faithful, who now is chairman of NEVS.

The 51 percent stake in NEVS is owned by Kai Johan Jiang's National Modern Energy Holdings, also parent company of his green energy company State Power Group. The remaining part is owned by the Japanese investment company Sun Investment.

The Japanese-Chinese joint venture is said to be prepared to pay 1.5 to 1.8 billion kronor ($210–250 million) for Saab Automobile, excluding spare parts company Saab Parts.

NEVS was formed as recently as May this year with a single purpose, to buy Saab's bankruptcy estate.