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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.

Court extends Saab reorganization bid until end of November

Saab parent company National Electric Vehicle Sweden refuses to go down without a fight. After a recent trip to court, the company is emerging with an extension on its reorganization until November 29. According to Europe Online Magazine, there's also an appointed committee of creditors and union representatives to monitor NEVS' restructuring process.
NEVS still isn't giving up hope of saving itself, and the company claims there are has two potential strategies for getting back on its feet. The main plan is to "finalize the negotiations with the two Asian automotive manufacturers," according to a press release. Those firms still aren't identified, but Mahindra may be involved. According to Europe Online Magazine, one of the businesses is looking to take partial ownership of NEVS, and the other is considering some sort of cooperation with it.
If that plan fails, the second option is to take advantage of the factory and become a contract manufacturer.

Last Saab 9-3 built nets nearly $48,000 at auction

It was among the last Saabs to roll off the production line in Trollhattan, Sweden, is virtually new, and now it has a new owner. The Saab 9-3 Aero Turbo4 we told you about a month ago has sold in an auction for the equivalent of $47,789. As with anything related to the remnants of the legendary Swedish automotive brand, the backstory on this one is a little complicated, starting with the model year. Saab originally ground production to a halt in 2011. This model came about after National Electric Vehicle Sweden (NEVS) acquired the brand out of bankruptcy, and was part of a run of 420 models built starting in late 2013 before NEVS lost the rights to use the Saab name and griffin logo. It was originally set aside for crash testing, but never actually used for that purpose, and mostly sat idle inside the plant, in case NEVS restarted production of combustion vehicles. The 41 miles on the odometer came from running the car on a test track near the Trollhattan plant for photography and video purposes. It features a 2.0-liter turbo-four engine that makes 217 horsepower and 258 pound-feet of torque. It has a two-tone interior with cream leather seats and a dashboard and center console that looks like what you might expect to result from Saab's parts-sharing arrangement under the ownership of bankruptcy-era General Motors. Nowadays, NEVS has financial backing from Chinese investors and is making electric vehicles based on the 9-3 platform and body, just without any Saab badging. It continues to operate the Trollhattan plant and another in Tianjin, China, and it reportedly plans a new plant in Shanghai. NEVS also has partnered with Swedish supercar maker Koenigsegg in a venture to develop new EVs. The 9-3 buyer’s name is Claus Spaangaard. HeÂ’s a Danish car collector and car-repair shop owner who says he already owns two Saab cars. Proceeds from the auction will fund research into sustainable mobility in Sweden, NEVS says.