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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.

Meet the other Cadillac wagon. It's as American as ABBA

The Cadillac CTS Wagon became a cult classic the second it went on sale. We all knew that it was never going to sell in anything approaching significant numbers, and if that "we" didn't include those actually working at GM, one would have to wonder what they were smoking. Cadillac was still having a hard enough time trying to convince people that it was now a BMW-fighting sport luxury brand rather than the purveyor of Grandpa-piloted land yachts. To many, a sport sedan like the CTS seemed like a stretch. But a CTS sport wagon? It sure seemed like GM was just doing things for funzies, an impression only enhanced by the CTS-V Wagon. Forget cult classic. That thing was an instant legend.  And yet, the CTS wasn't the only Cadillac of that era offered as a wagon. It wasn't even the first. Before GM said "to hell with it, let's have some fun" on this side of the pond, over in Europe, it had already taken a page from its old badge-engineering playbook to create the 2006 Cadillac BLS Wagon. It was available as a sedan, too, but its awkward majesty is best enjoyed as the long-roof model.  There's just something off about the whole thing, right? That's probably because it also looks vaguely familiar, as if you've seen it before. So where the hell does this thing come from? Sweden! Behind that Cadillac Art and Science face is a Saab 9-3, and in the case of the BLS Wagon, the Saab 9-3 Sport Combi wagon. The roofline is the dead giveaway, as no other wagon has ever looked like that. In fact, the roof and windows were the only exterior elements to copy directly over from 9-3 to BLS. No kidding. With the Cadillac front end, doesn't the Saab-funky-boxiness make it look like a miniature hearse? The answer is yes. GM's design team, led by Ed Welburn, was quite pleased with his work. Perhaps it even egged him on to create a real Cadillac sport wagon? "The whole team was very excited to apply Cadillac's design language to a wagon for the first time," said Welburn in a press release from the time. "The V-shaped chrome-plated grille, a Cadillac hallmark, is picked up again by the shape of the rear window, and the body side character lines make it unmistakably a Cadillac." The interior is surprisingly different from the 9-3, including the ignition switch migrating from the center console up to the steering column. It also wasn't exactly in keeping with the Cadillac norm of the time.

Greetings from Trollhattan. I'm Emily, but I'm not a Saab.

What’s Swedish for “never give up”? Saab, apparently. The fondly-remembered car company formerly called just that — and now named NEVS — is only a shell, employing just a limited crew in the land of trolls. But itÂ’s got something to sell, and that something seems like it's really something. ItÂ’s called Emily. The Emily GT exists as six prototype electric cars, according to NEVS, with a combined horsepower rating (per car) of 484 powered by an enormous 175-kilowatt lithium-ion battery thatÂ’s good for 600 miles of range. In development almost since Saab's demise — the company, once owned by General Motors, was closed down in 2010 — the Emily is a very real product and needs a real sponsor, according to NEVS CEO Nina Selander, speaking to Carup. “It is for sale, it is also a joy to be able to show it. It should be allowed to live on, itÂ’s too nice, too good and too modern a car for nothing to come of it. Interested parties are welcome,” she said. Photos of the car show a modern, forward-thrust profile with handsome lines, a look similar to the last Saab 9-5 and VolvoÂ’s S60 (must be a Swedish thing) and a fashionable, sci-fi-ish interior. A hopeful engineer on the project estimates that the car is less than two years away from some kind of series production, but according to the modest NEVS website, the company is currently in “hibernation” even as it continues to solicit buyers for the Emilys. Said Peter Dahl, the Emily project manager, “Many have asked us what we have been doing for 10 years. We have developed 13 different car projects, this is one of them.” Related video: Volvo Saab Automotive History Electric Future Vehicles Classics