In a Monday statement, National Electric Vehicle Sweden (NEVS) - the buyer of bankrupt Swedish carmaker Saab - disclosed that it intends launching its first model in 2014, using the Saab name. The company also said that it aims to produce cars for the Chinese market because the authorities in that country are making substantial investments in electric vehicles.

The statement by NEVS - which is a joint venture between China-based National Modern Energy Holdings and Japan-based Sun Investment - came after the company completed the Saab purchase for an undisclosed amount.

NEVS said that it has finalized the acquisition of Saab - an automaker since 1947, but crashed into bankruptcy towards 2011-end - from the bankruptcy administrators of the key assets of Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools.

According to NEVS, the electric vehicles which the company will manufacture will largely be based on the cars made by Saab. In addition, NEVS also said that the completion of the Saab acquisition will accelerate the process towards the start of production.

Noting that the conclusion of the Saab purchase will allow NEVS to expand its business plan and focus on developing "a world-class electric vehicle" at Saab's headquarters in Trollhaettan, southwest Sweden, NEVS chairman Karl-Erling Trogen said: "In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain."