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NEVS, the company that took over Saab, gets new majority owner

Chinese real estate conglomerate Evergrande Group, a key investor behind troubled electric vehicle startup Faraday Future, has acquired a 51 percent stake in NEVS. That's the Chinese-backed Swedish electric vehicle company that purchased the assets of Saab out of bankruptcy in 2012. The investment by subsidiary Evergrande Health Industry Group was valued at the equivalent of $930 million and is expected to help NEVS develop new EVs. Evergrande said it paid the first installment of $430 million on Jan. 15, with the remainder due by the end of the month. The remaining 49 percent stake is controlled by a holding company controlled by NEVS founder Kai Johan Jiang. "It means that NEVS will get a financial (sic) strong main owner who is very interested in developing our vision about green mobility transport solutions for the future," NEVS CEO Stefan Tilk said in a statement. NEVS, short for National Electric Vehicle Sweden, owns production facilities in Trollhattan, Sweden, and Tianjin, China, with another under construction in Shanghai. In late 2017 the company launched what apparently was limited production of the 9-3 EV, an electric vehicle based — you guessed it — on the old Saab 9-3 platform. The company now says it will be built in Tianjin starting later this year, with components coming from Trollhattan. It boasts a 186-mile range, in-car WiFi and a cabin air filter for the notoriously smoggy Chinese air. It also showed a battery-electric 9-3X concept at CES Asia in 2017, which is likely to be its next model pegged for production. The South China Morning Post, citing local media reports, says two of NEVS' models meet the standards for mass production in China. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Definitely the best promotional video we've ever seen. Evergrande Health first came to Faraday Future's rescue back in 2017 with a promised $2 billion investment, but the two sides later went into arbitration in Hong Kong over a dispute about money following the first infusion of $800 million, leading the automaker to cut staff and wages last year, casting the future of FF into doubt. At the end of 2018, Faraday announced it had entered into a new restructuring agreement with an Evergrande Health subsidiary that sees them end litigation and jettison the previous investment agreement, taking Evergrande's investment in the company to 32 percent.

Mahindra buying majority stake in NEVS, Saab saved again?

National Electric Vehicle Sweden (NEVS), owner of Saab, might not be dead yet, because the company is reportedly close to having a new owner with deeper pockets in near future. The declaration comes from the business's latest request to prolong its reorganization and includes the claim that NEVS has a signed letter of intent from an unnamed Asian automaker to take majority ownership of the beleaguered brand. While NEVS doesn't specifically name this potential, future owner in its filing, Automotive News Europe cites a SaabsUnited story proclaiming that the suitor is none other than Indian automaker Mahindra and Mahindra, a development that would confirm months of rumors. The Swedish automaker is reportedly just waiting for the majority investment to be finalized before making an official announcement, and the whole purchase could be complete by February. NEVS also claims that it's still negotiating with a separate, unnamed Asian automaker on a joint venture to co-develop new vehicles. Assuming the deal goes through, the new owner could regain the rights to the Saab brand, too. According to ANE, negotiations are underway with the Saab AB aerospace business to be able to use the trademark again. NEVS lost that right when it filed for reorganization. Mahindra has shown interest in owning Saab for quite some time. It was reportedly among the final three bidders for the brand in 2012, and the Indian automaker was allegedly eyeing a stake in NEVS as far back as June. Scroll down to read the brief press release from NEVS about the extended reorganization, and the full document can be viewed in PDF format, here. Nevs applies for prolonged reorganization Monday, December 01, 2014 National Electric Vehicle Sweden, Nevs, has today submitted an application to the District Court in Vanersborg, requesting that the company reorganisation shall continue for an additional time period of three months. The administrator Lars Eric Gustafsson expresses the rationale for why Nevs should be granted an extended reorganization in this enclosed statement.

Saab has ruined all Swedish cars for me

It's easy to dismiss my hatred of all Swedish automotive manufacturers as a simple result of bad experiences. I mean, we're all products of our own experiences, some we learn from, others we don't, and some we need to be hit over the head with time and time again. I've been hit over the head too many times with Saabs (and one lonely Volvo), and as a result, I can't bring myself to buy a Koenigsegg. It started with a 900 Turbo sedan. You know, the ugly duckling sister of the beautiful two-door coupe that spawned the Aero, which managed to look stunning from the front, and like a child with a full nappy (diaper) at the rear. I bought it at an auction (mistake number one) for $6,500 (AUD) because as a bloke in his early twenties, I wanted to be noticed – and a greasy-haired bespectacled musician driving a turbocharged Swedish luxury car was my way of standing out. On the drive home I noticed two things: one, it handled like it was on rails – it just gripped! And two, the turbo wasn't working. I took my new wheels to the mechanic, who promptly told me a custom exhaust system would solve the problem – mistake number two. During the fitting, Mr. Shonky's Repair Shop managed to fry some computer thingy. I won't try to remember or understand what it was, but he did tell me that it should have been replaced and that I would have to pay for it. I agreed. Mistake number three. Twelve months later I had spent more than double the original purchase price on repairs, and the turbo still wouldn't work. I sold it for about $4,000, and moved on to something more sensible. But the beautiful handling and quirky design had left an itch that I just couldn't scratch. Many cars and motorbikes later, I sold my Mazda RX-8 because it was too perfect. You know those cars that have spotless paint, an unmarked interior, low kilometers, and you're just too damn scared to park it anywhere? Yep, it was one of those. I would spend 30 to 40 minutes trying to find a vacant spot with vacant spots on either side, and even after leaving the car I would walk back to check if anyone had parked next to me. If they did, I moved. Not a low-anxiety vehicle. So I bought my second Saab – this time a 9-5 turbo wagon – from an auction. Wasn't that mistake number one? This one had reasonably low kilometers, and was even on LPG (a fairly common conversion is Australia – just not on Saabs) and only set me back $2,200. I drove it home, and low and behold, the turbo worked!