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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.

Saab restarts production line in Trollh"attan

The new owner of Saab, National Electric Vehicle Sweden, has bolted together its first two new cars at the company's traditional home in Trollhättan. The two 9-3 sedans were built to work bugs out of the production line and test newer components before full-scale production starts near the end of the year.
NEVS acting President, Mattias Bergman, issued a statement saying, "Prior to our decision to start production of Saab cars, we need to finalize a few remaining dialogues to build partnerships with suppliers. We now know that the plant is ready for production." First up for NEVS will be gas-powered, turbocharged 9-3s, before bringing a facelifted, electrified variant later next year. There are also plans to rejigger Saab's never-was Phoenix architecture for production, although NEVS needs to excise the remaining General Motors tech from the platform before building anything.
According to a report on Automotive News Europe, once under way, NEVS has set an optimistic target of 120,000 units per year by 2016, with sales focused in Europe and China - there's no official word on if NEVS ever plans to bring the Saab name back to North America.

NEVS Saab EV prototype on display, with top speed of just 75 mph

National Electric Vehicle Sweden, the Saab-owning Swedish holding company that is in turn owned by Chinese investors, has some problems (i.e., no cash). But that isn't stopping NEVS from showing off a prototype Saab 9-3 Electric Vehicle this week. But wait, you might be saying, didn't NEVS already start production of a 9-3 EV? Yes, indeed, and the vehicle displayed this week was indeed built at the Saab plant in Trollhattan in May as one of those early pilot builds. A modified Saab 9-3 Aero Sedan, the EV has had the lithium-ion battery pack jammed under the floor, so all of the cargo and passenger space of the gas-powered 9-3 remains available. "The starting point for our development of the Electric Vehicle project was to maintain all the good attributes and characteristics," said NEVS' vice president of engineering and product development, Stig Nodin in a statement. You can find the press release below. The li-ion pack comes from Beijing National Battery Technology (which is owned by the same company that owns NEVS) and can offer a range of about 120 miles, NEVS says. The prototype also has a 100-kW electric motor that offers 140 horsepower that provides a 0-60 miles per hour time of 10 seconds and a top speed of just 75 miles per hour. That's unlikely to be fast enough to outrun Saab's creditors, but NEVS says that the prototype is here "to serve as a reference for specification of coming production model(s)," so let's hope the speed number can be increased while the range at least stays the same. Today Nevs presented the Saab 9-3 Electric Vehicle as designed and produced as part of a prototype series in Trollhattan. The car is a modified Saab 9-3 Aero Sedan where the batteries are placed under the floor, keeping the full interior space as well as the luggage compartment intact. With that, the Saab 9-3 EV is just as practical as the Saab 9-3 Aero with gasoline engine. The Saab 9-3's famous driving-experience is of course preserved in the EV, helped by its low center of gravity and a 50/50 weight distribution. "We are happy to present the result of Nevs engineering into a real Saab EV product. The Saab cars' well-known performance and safety is maintained and we foresee a very good product for the market. When we developed the Saab 9-3 Aero Sedan Model Year 14, we focused on enhancing the driving experience, safety and quality.