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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.

Son Surprises Mom With Dream Car

We can't get enough of these dream car-reveals. Here's the latest one: A son wanted to treat his mom to the car she's had her eye on for years, but it wasn't a restored Porsche or a fancy 1957 Chevy Bel Air. This mom wanted something special – a 1973 Saab 99 EMS painted disco-fever copper. Ever since he was a kid, Corey Wadden's mom has wanted the Saab. Wadden writes on his YouTube video that she first hopped in the driver's seat of one of these odd retro rides while working as a cleaning lady. One of her clients would toss her the keys and let her move the car. She fell in love. After a year of searching and saving, this nominee for best son in the world brought his mom down to the parking lot, where her dream ride awaited. First, he handed her an envelope with a picture of the car and the keys, a dead giveaway. She quickly put two and two together, and lost it before making it to the parking lot. She is so happy and full of gratitude that she actually drops to her knees when he opens the door. Wadden writes on his page that his mom lost her job two-and-a-half years ago and hasn't had a reliable car in years. This car aims not just to get her mobile again, but lift her spirits. It's also part of the Toronto entrepreneur's promise to become a millionaire by the time he is 25 to help his mother retire. Related Gallery The Best Cars For Empty Nesters Weird Car News Saab

Saab to reintroduce 9-3 SportCombi as Phoenix development continues

The saga of Saab goes to show that you can't keep a good automaker down. Founded back in 1947 (the same year, incidentally, as Ferrari, TVR and Maserati defector OSCA), Saab split off from its aerospace division, merged with Scania trucks, was subsequently picked up by General Motors, then pawned off onto Spyker before its current Chinese owners brought it back out of bankruptcy. Now under the auspices of National Electric Vehicle Sweden (NEVS), Saab has official restarted production of the 9-3 sedan, but what are its plans for the future?
In correspondence with Autoblog, NEVS communications director Mikael Ostlund gave us an idea of what to expect. First of all, NEVS is living up to its name by launching an electric version of the 9-3. As we reported a couple of weeks ago, the 9-3 EV currently is undergoing a pilot launch in the Chinese city of Qingdao (which owns part of NEVS) before being rolled out in other markets around the world. But that's not all NEVS has planned for Saab.
The reborn Swedish automaker also plans to relaunch the 9-3 SportCombi to supplement the 9-3 sedan. The wagon version was part of the second-gen 9-3's rollout in the early 2000s, offering increased cargo space and versatility - particularly vital since GM had seen it fit to replace the previous hatchback bodystyle favored by the brand faithful with a more traditional trunked form to lure new buyers into the fold. Although Ostlund confirmed that NEVS has "the option of adding the convertible" back into the lineup, nut has yet to decide on if and when it will do so.