NEVS, an international conglomerate of investors from China and Japan, have agreed to buy the main assets of Swedish automakers Saab last week. 

The deal will include Saab Automobile Powertrain, Saab Automobile Tools and the company's factory in Trollhattan. According to official sources, both Saab Automobile Parts and former owner General Motors' intellectual property rights have not been included as part of the deal.

A spokesperson of GM opine on not involving the company's intellectual property rights as it doesn't involve its key technology which later become a factor in the failure of Saab automaker. Saab failed for bankruptcy in December of last year.

The NEVS conglomeration wasn't interested in turning around the aging car maker, their interest lie in transforming Saab into a maker of electric cars. Though an official price for Saab hasn't been released, Auto Trends Magazine reveal that NEVS could have paid anywhere between $210 million to $250 million.

"China is investing heavily in developing the EV market, which is a key driver for the ongoing technological shift to reduce dependence on fossil fuels," said Kai Johan Jiang, founder of National Energy Holdings Limited of Hong Kong which is the biggest shareholder in NEVS worth claiming 51 percent stake. "The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles." 

"We will match the Swedish automobile design and manufacturing experience with Japanese EV technology and strong presence in China,"  Karl-Erling Trogen, Chairman for NEVS, told the media. "Electric vehicles powered by clean electricity are the future, and the electric car of the future will be produced in Trollhattan."  

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?