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Koenigsegg super cars team with Saab successor NEVS to go electric

STOCKHOLM — The Chinese-backed company born from the remnants of bankrupt Swedish automaker Saab is investing 150 million euros ($171 million) in a venture with Swedish super car brand Koenigsegg, in a move that could see them develop new electric models. National Electric Vehicle Sweden AB (NEVS), in which China's Evergrande Health recently became the majority investor, said it would take a 65 percent stake in a new joint venture to "develop a product for new and untapped segments." Koenigsegg will hold the rest, and contribute intellectual property, technology licenses and product design. The deal deepens China's exposure to Swedish automakers, with Geely owning Volvo Cars and the largest investor in truckmaker AB Volvo, and another Chinese investor having created NEVS in 2012 after buying the core assets and IP rights of Saab Automobile following its demise. NEVS, which owns production bases in Trollhattan in Sweden and Tianjin in China and plans another in Shanghai, has been trying to establish itself as a pure electric automaker, but has yet to produce a car. Evergrande Health's $930 million cash infusion into NEVS, announced this month, was seen as a second lifeline, giving it funds to develop costly electric vehicles and access to new auto technologies, where Evergrande is expanding. The Chinese firm is a unit of property developer China Evergrande Group and is a former investor in U.S. electric vehicle developer Faraday Future. Tuesday's deal will give NEVS a 20 percent stake in Koenigsegg and could potentially pave the way for it to begin delivering products to the market, with its loose partnership with Didi Chuxing, China's Uber, yet to yield anything concrete. "Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. ... We have both competencies and facilities to support Koenigsegg on their journey forward," NEVS Chairman Kai Johan Jiang said. Koenigsegg, backed by U.S. and Norwegian investors, sought to buy Saab after its 2011 collapse but the deal never materialized. While the luxury brand has built a plug-in hybrid, it has yet to develop a fully electric vehicle. Tesla's sales success in recent years has shown that a market for luxury electric cars exists, pushing traditional carmakers including Volkswagen's Audi and Porsche, and Tata Motors' Jaguar to develop their own versions.

Victor Muller to pay Sweden back taxes for Saab work

Victor Muller, Saab's CEO from 2010 to 2011, has been ordered by the Swedish court to pay the back taxes he owes the country for his work at Saab, Autoweek and Volkskrant report. When he was the automaker's CEO he received a salary of about 8 million Swedish Krona ($1.25 million), which was recorded as a reward for consultancy work for a company in the US that Muller owns. The move allowed him to evade taxes for awhile, but the court has ordered him to pay taxes on his full salary.
Muller, who is also CEO of Spyker, and two other Saab executives were accused of accounting fraud in May, which took place in 2010 and 2011. According to reports, Muller maintains that he is not subject to taxes in Sweden.

Want one of the last Saab 9-3s ever built? Here's your chance

National Electric Vehicle Sweden (NEVS) purchased the assets of bankrupt Swedish automaker Saab in 2012. The next year, NEVS restarted production of the 9-3 sedan that lasted until 2014. In December 2013, the company pulled a silver 9-3 Aero Turbo from its pool of customer cars, intended for crash testing. The crash test never happened, and that silver sedan hung out at the factory for six years. Autocar writes that NEVS wants to find that Saab a good home, and will put it up for auction later this year. The model has a 2.0-liter turbocharged four-cylinder with 217 horsepower and 258 pound-feet of torque, shifted through a six-speed manual transmission. Other than the fact it's spent six years holed up in a Swedish factory, the condition is brand new - there are only 3.1 miles on the odometer. It's hard to predict what such a time capsule might go for. NEVS only built 420 units before ceasing production, so the 2013 9-3 Aero Turbo has rarity on its side. This isn't the only such Saab to roll out of the crypt recently, though. In 2017, a 2014 9-3 Aero popped up in the Netherlands with only 211 miles on the odo. In 2018, a 2011 diesel 9-3 SportCombi wagon with 56 miles on the odo broke through the space-time continuum in Italy. NEVS will put its 9-3 on display in Trollhattan this weekend during the annual Saab Car Museum Festival.