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Saab owners NEVS denied creditor protection by Swedish court

The story of Saab is practically a Greek tragedy at this point. The quirky Swedish automaker that was once known as a pioneer of affordable turbocharging has been followed by years of news that just seemed to keep getting worse. At this point, maybe the brand name should be allowed to fade away into the ether and be remembered for the good times that it gave us.
Saab's latest predicament is that its parent National Electric Vehicle Sweden (or NEVS) has been denied protection from its creditors by the Swedish courts. According to Reuters, the judges called the business' financing plan "vague and completely undocumented." A company spokesperson told Reuters that it plans to appeal.
Seemingly in reaction to the court's decision, NEVS posted a press release on its website announcing that the company had applied "for a reorganization to create more time for the ongoing negotiations." The automaker continues to claim that it's negotiating with two global automakers to sell a portion of the company, possibly Mahindra, but the process is taking longer than it originally predicted. It seems a distinct possibility that this reorganization attempt is simply a way to buy extra time.

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.

There will be five new SAAB EVs, starting in 2017

National Electric Vehicle Sweden (NEVS), which bought Swedish automaker Saab out of bankruptcy in 2012, has finally solidified some of its vehicle-making plans. And given the prominence of the word "electric" in the company's name, NEVs is staying true to its vision, announcing that it will have five electric vehicle models for sale by 2018. The company recently made the announcement in Stockholm, according to Saab Blog. The first EV will be based on the Saab 9-3 platform and may be available in China and Sweden by 2017. The following year, NEVS is planning to debut four more all-electric models, including a sports car, SUV, crossover, and a fastback. The cars will be assembled in Tianjin, China. Whether the Saab badge will actually be used remains in question, as NEVS is no longer affiliated with the Saab AB aerospace company. Making things even potentially murkier is the fact that NEVS said this fall that it would sell the intellectual property rights for the 9-3 to the Scientific and Technological Research Council of Turkey (TUBITAK), which would make the model the official Turkish National Car. Then again, nothing's been simple for Saab, which has passed through General Motors and Spyker and has had multiple reorganizations. Either way, the plan follows up a summer announcement that NEVS would work with China-based automaker Dongfeng Motor Corp. to develop electrified vehicles. Dongfeng has worked with electric-vehicle leaders Nissan and Renault as well as Honda, Kia and Peugeot. The company made more than 3.8 million vehicles in 2014.