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Koenigsegg super cars team with Saab successor NEVS to go electric

STOCKHOLM — The Chinese-backed company born from the remnants of bankrupt Swedish automaker Saab is investing 150 million euros ($171 million) in a venture with Swedish super car brand Koenigsegg, in a move that could see them develop new electric models. National Electric Vehicle Sweden AB (NEVS), in which China's Evergrande Health recently became the majority investor, said it would take a 65 percent stake in a new joint venture to "develop a product for new and untapped segments." Koenigsegg will hold the rest, and contribute intellectual property, technology licenses and product design. The deal deepens China's exposure to Swedish automakers, with Geely owning Volvo Cars and the largest investor in truckmaker AB Volvo, and another Chinese investor having created NEVS in 2012 after buying the core assets and IP rights of Saab Automobile following its demise. NEVS, which owns production bases in Trollhattan in Sweden and Tianjin in China and plans another in Shanghai, has been trying to establish itself as a pure electric automaker, but has yet to produce a car. Evergrande Health's $930 million cash infusion into NEVS, announced this month, was seen as a second lifeline, giving it funds to develop costly electric vehicles and access to new auto technologies, where Evergrande is expanding. The Chinese firm is a unit of property developer China Evergrande Group and is a former investor in U.S. electric vehicle developer Faraday Future. Tuesday's deal will give NEVS a 20 percent stake in Koenigsegg and could potentially pave the way for it to begin delivering products to the market, with its loose partnership with Didi Chuxing, China's Uber, yet to yield anything concrete. "Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. ... We have both competencies and facilities to support Koenigsegg on their journey forward," NEVS Chairman Kai Johan Jiang said. Koenigsegg, backed by U.S. and Norwegian investors, sought to buy Saab after its 2011 collapse but the deal never materialized. While the luxury brand has built a plug-in hybrid, it has yet to develop a fully electric vehicle. Tesla's sales success in recent years has shown that a market for luxury electric cars exists, pushing traditional carmakers including Volkswagen's Audi and Porsche, and Tata Motors' Jaguar to develop their own versions.

Subaru recalls 81,000 Impreza models for airbag replacement

Subaru has submitted paperwork to The National Highway Traffic Safety Administration regarding an Impreza recall to replace faulty Takata airbag inflators, and the final tally is 81,100 units built between January 28, 2003 and May 31, 2005. Earlier this month Subaru had projected 78,000 Imprezas would be recalled from the 2004 and 2005 model years, but that final number also includes the Saab 9-2x; that Saab model, nicknamed the "Saabaru," was a badge-engineered Impreza Wagon that General Motors began selling in 2004. Affected Saab models were built from February 11, 2004 to March 17, 2005. This recall specifically affects passenger-side inflators, and Subaru and GM will notify owners that they can take their cars to the dealer for a free repair. The recall doesn't officially begin, however, until July 17, 2015. The notice from the NHTSA below has more information. Related Video: Report Receipt Date: MAY 28, 2015 NHTSA Campaign Number: 15V323000 Component(s): AIR BAGS Potential Number of Units Affected: 81,100 Manufacturer: Subaru of America, Inc.SUMMARY: Subaru of America, Inc. (Subaru) is recalling certain model year 2004-2005 Impreza vehicles manufactured January 28, 2003, to May 31, 2005, and 2005 Saab 9-2x vehicles manufactured February 11, 2004, to March 17, 2005. The affected vehicles are equipped with a passenger side frontal air bag that may be susceptible to moisture intrusion which, over time, could cause the inflator to rupture upon its deployment.CONSEQUENCE: In the event of a crash necessitating deployment of the passenger's frontal air bag, the inflator could rupture with metal fragments striking the vehicle occupants potentially resulting in serious injury or death.REMEDY: Subaru will notify their owners and General Motors will notify Saab owners. Dealers will replace the passenger air bag inflator, free of charge. The recall is expected to begin July 27, 2015. Owners may contact Subaru customer service at 1-800-782-2783. Owners of Saab vehicles may call 1-800-955-9007. Subaru's number for this recall is WQR-53. Note: This recall partially supersedes recall 14V-763 in that model year 2004 through 2005 Subaru Impreza and model year 2005 Saab 9-2x vehicles are now only part of this campaign.NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

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.