Administrators for Swedish brand Saab has sold the business to National Electric Vehicle Sweden (Nevs) for an undisclosed sum.

The business will start a "new operation" which will be focussed on developing and producing electric vehicles in Sweden.

In a joint statement Nevs and the administrators said: "Nevs and the receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB."

The chief executive and main owner of Nevs is a Chinese businessman with Swedish citizenship, Kai Johan Jiang.

The chairman of Nevs is Karl-Erling Trogen, a former head of the truck division of truck and construction equipment maker Volvo.

Saab went bankrupt in December last year after enduring a cashflow crisis since April 2011, which led it to shut down its production lines as it lacked funds for components.

Saab still has an established network of authorised repairers in the UK after the Swedish manufacturer’s GB division formed a new parts division from the ashes of its administration.

Saab GB’s administrators are also still pursuing assets held by former dealers in the UK but recently went back on its 14-day deadline to recover funds.