National Electric Vehicle of Sweden (NEVS), which has been laboring mightily to bring the Saab brand back to life as an EV, says that an Asian automaker is planning to buy a majority stake in the company.

In a reorganization application filed with a Swedish court, NEVS said that it has signed a letter of intent with an unnamed company that will provide substantial financing and become a majority shareholder. The white knight is rumored to be the Indian firm Mahindra & Mahindra (neither company is willing to comment).

NEVS also says it is working with a second Asian auto manufacturer on a co-development joint venture.

Mahindra has long been interested in EVs – the company was reportedly one of the top bidders for Saab when it went on the block in 2012, and it owns Mahindra Reva, which produces the e2o electric hatchback in India.

Sources: NEVS, SaabsUnited via Ecomento