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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.

Boeing, Saab take first flight in T-X trainer 36 months after starting development

This post is appearing on Autoblog Military, Autoblog's sub-site dedicated to the vehicles, aircraft and ships of the world's armed forces. Bringing a new fighter from drawing board to its first flight is generally a lengthy endeavor, taking years of planning and tweaking and engineering. Or, at least it normally does. Boeing and Saab just took their new joint-developed training fighter, the T-X, out for its first spin just 36 months after starting development. According to Saab's deputy program manager for the T-X, Eddy De la Motte, that's half the time it usually takes to get a new jet in the sky. "We went from [critical design review] to first flight in 12 months. We don't do that very much at the Boeing Company," Boeing's program manager for the T-X, Ted Torgerson told Defense News. "I don't want to say it has not been done, but for a manned aircraft to go through a complete production-ready design, that is as fast and as efficient as we've ever been through it." Boeing/Saab's first test flight was a simple, 55-minute matter for Boeing test pilots Steven Schmidt and Dan Draeger. The pair took the plane up to 10,000 feet and hit speeds of 231 knots (265 miles per hour) while running handling checks on the twin-tail, single-engine jet. "I've been a part of this team since the beginning, and it was really exciting to be the first to train and fly," pilot Schmidt said. "The aircraft met all expectations. It's well designed and offers superior handling characteristics. The cockpit is intuitive, spacious and adjustable, so everything is within easy reach." "It was a smooth flight and a successful test mission," Draeger, who rode shotgun in the instructor's seat said in an official release. "I had a great all-around view throughout the flight from the instructor's seat, which is critical during training." Boeing/Saab's T-X is one of four jets competing for the role as the US military's next training aircraft. Northrop Grumman is fielding a clean-sheet design that allegedly flew earlier this year, while Lockheed Martin and Raytheon are modifying existing designs with partners – the South Korean KAI T-50 for Lockheed and the Leonardo M-346 for Raytheon. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Defense NewsImage Credit: Boeing, Saab Saab Military

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.