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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.

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.

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.