Youngman bids anew for Saab

After withdrawing its original $497 million bid for Saab, Zhejiang Youngman Lotus Automobile has returned to the bidding with a fresh offer of CAD$572 million, according to a report from Bloomberg. Right now, Youngman is bidding for Saab against a group comprised of a Japanese investment firm, Sun Investment, and Hong Kong-based National Modern Energy Holdings.

Automotive News Europe reports that the duo of Sun Investment and National Modern Energy Holdings has formed a new company called National Electric Vehicle Sweden, created with the sole purpose of buying up all of Saab's assets.

When approached by AN Europe and Bloomberg, a spokesperson for the bankruptcy administration declined to comment on when a decision would be reached.