2004 Saab 9-5 Aero Sedan 4-door 2.3l, No Reserve on 2040-cars

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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.

New Saab parent NEVS: we're not totally broke

The many fans of 1987's The Princess Bride will recall Billy Crystal's Miracle Max character optimistically referring to the protagonist Westley as "mostly dead." It looks like National Electric Vehicle Sweden (NEVS), the company that now owns the Saab brand, fits that description. Of course, Westley does end up surviving and getting the girl. NEVS put out a statement last week saying that, while it doesn't have the cash to pay off all of its outstanding debt (hey, who of us does?), it is "not insolvent" because its assets are greater than its debt. Its suppliers will get paid, but that NEVs "cannot say exactly when." NEVS, the partnership between a Chinese company and a Japanese investment firm that acquired the Saab name in 2012, restarted production at its Trollhattan plant in Sweden last year and had promised a vehicle line that would include a battery-electric version of the 9-3 sedan. Instead, NEVS stopped the production line that was only making about a half-dozen vehicles a day (the gas-powered, turbocharged 9-3) in May because it said shareholder Qingbo Investment Co. didn't provide the agreed-upon cash. NEVS now says it held positive talks with two manufacturers this summer, and that once funding is secured, it will rewrite its business plan with its new partners to resume production. The supplier that filed a bankruptcy petition is withdrawing it based on this new information, says NEVS. Saab made its first cars in 1947 and was eventually owned by General Motors before being sold to Spyker in 2010. Bankrupt by the end of 2011, Saab was acquired by NEVS the following year. Check out NEVS's most recent press release below. And have fun storming the castle. Information from Nevs Nevs hereby clarify that the company is not insolvent. The company does not have enough liquid cash as today to pay all outstanding debt but Nevs' assets are larger than its debt. Nevs today cannot say exactly when, but Nevs' suppliers will get paid. During the summer, the dialogues with the two major vehicle manufacturers have continued and developed in a positive direction. It is a thorough evaluation process that is still ongoing, and the discussions have not been finalized yet. After the funding is secured, and after that Nevs business plan is updated together with its new partners, Nevs will be able to make the decision on when the Trollhattan factory can resume its production.

Why won't automakers slap on a turbo badge anymore?

Where have all the turbos gone? Not the actual pieces that go in the engine, mind you, those are everywhere these days as automakers downsize cylinder counts and boost efficiency and CO2 claims. But the turbo badges and fanfare are missing. Back when turbos were something to get excited about there was "turbo-driven," "turbonium," and "The Turbo Zone," among other silly lines. But now that basically every car is getting some sort of boost even on the lowliest trims, automakers are almost sliding in the turbos under the radar. Or if you look at some of the nomenclature, pretending they don't exist at all. The 911 Turbo badge shows where the car goes from being sane to lunatic. It's an important border. The latest automaker to hide that it has boosted the turbo presence is Porsche with the 2017 911 lineup. Even the standard Carrera models now get turbocharged flat-six engines, meaning the 911 Turbo models aren't quite as special as they once were. Porsche is in a sticky situation with this. The 911 Turbo, after all, signifies where the 911 family takes off from being a sports car and becomes the Ferrari fighter. The 911 Turbo badge shows where the car goes from being sane to lunatic. It's an important border, but now Porsche has crossed it and is trying to downplay the fact. There are a lot of exaggerations with displacement badges today, with claims the 2.0-liter turbo four in a Mercedes C Class equates to a naturally aspirated 3.0-liter six to make a C300. Volvo is pretty far up there, too, saying an XC90 T8 means V8 power, even though it's a 2.0-liter turbocharged and supercharged four with electric assist. I don't know why BMW can't just call the car a 330i Turbo, rather than inflating the numbers up to 340i. Saab tried all of this back in the '90s when it decided to turbocharge its entire lineup, from light pressure units all the way up to models actually called "Saab 9-3 HOT" (for high-output turbo). But then the brand deleted any external reference to the turbo under the hood and people wondered why they were buying a $42,000 four-cylinder convertible. And that didn't turn out well. Even though these turbo replacements often make more power than their naturally aspirated predecessors, they're very different engines. People knew something changed when they exchanged their leased 328i with a 3.0-liter six for a 328i with a 2.0-liter turbo four.