News today that Saab design and production facilities have been purchased by a group of Japanese and Chinese investors and will produce an electric version of the Saab 9-3 sedan.
Whether the newly reborn Saab will be able to make a profit on electric vehicles, which require high R&D costs and typically make little, if any, profit will yet to be seen.
Originally an aircraft maker, GM bought a significant stake in Saab in 1989 and gained full control in 2000. As part of its restructuring during the recent financial crisis GM divested itself of Saab. With recent ownership changes and failure to secure financing, Saab was in real danger of disappearing.
Interesting to note that the deal does not include the Saab brand. Whether that is a formality and will be announced later is unknown at this time.