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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.

Saab owner may speed up relaunch with gas-powered 9-3

National Electric Vehicle Sweden, the new owner of Saab, has good news for you if you happened to miss out on picking up a 9-3 before the company plummeted through bankruptcy. Automotive News Europe reports NEVS may offer a gasoline-powered 9-3 in 2013. That move would effectively step up the brand's re-launch plan by a full year. Originally, the company planned to introduce an electric vehicle in 2014, but NEVS is currently investigating ways to start production next summer using "a 9-3 with a traditional powertrain" in order to generate more cash for the electrification effort.
NEVS purchased Saab earlier this year with the intent of resurrecting the brand with a fully electric product portfolio. The new EVs would theoretically ride on the Saab Phoenix platform and be manufactured at the automaker's plant in Trollhattan, Sweden. The report of a resurrected gasoline model came courtesy of Mikael Oestlund, a company spokesperson familiar with the company's workings.

Deal brokered to get Saab warranty service honored at GM dealers

When Pontiac, Hummer and Saturn were killed off, at least current owners never had to question where they would have to take their vehicle in case it needed to be serviced. The same couldn't be said for Saab owners... until now. General Motors and Saab Automobile Parts North America (the remaining entity of the bankrupted automaker) have signed an agreement that provides 179 service centers to current Saab owners to receive factory-trained technicians and official Saab replacement parts.
These warranty service providers will have all the tools, training and parts to maintain and repair Saab vehicles, and they will also have access to a technical assistance center for the technicians. Next year, SPNA will also set up a customer assistance center, which will likely be most useful in helping current owners find repair shows, as well as a program called Saab Secure to give added service support to owners of late model (2010 and 2011 model year) Saab vehicles. Finally, to make sure customers have a sufficient parts supply to keep their cars on the road, SPNA operates out of a 153,000 square foot warehouse in Michigan that has the ability to ship more than 3,000 parts orders per day.
GM's official press release on the agreement is posted after the jump.