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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.

Dealership refunds student for broken Saab with bags of pennies

Every so often, we come across the story of someone trying to "stick it to the man" by paying a parking fine or speeding ticket in pennies or dimes. Never, though, have we heard of a business stooping to such cliched lengths. Enter Florida. Irena Mujakovic bought a 2003 Saab way back in January from Holiday Motors, in Jacksonville, FL. Shortly after the purchase, the transmission started acting up. She returned to the dealer and paid for the repair, and purchased a warranty for future issues. Total cost: $300. But then the trans crapped out not long after the initial repair, and Mujakovic was back at Holiday Motors. This is where things start going south. This second trip cost Mujakovic $400, with her warranty in hand. That's because the man that runs the dealer, Ed Di Miranda, neglected to mention that the warranty didn't cover labor costs. "The warranty did not cover labor and I failed to write that in and that was her loophole," Di Miranda told First Coast News. The young college student filed a complaint with the Florida DMV, who sided with her and ordered Holiday Motors to refund the money. Di Miranda and the dealership did just that, but when Mujakovic came to collect her refund, it was to a bag of pennies, with a few dollar bills sprinkled in for good measure. Di Miranda, doesn't seem to think he's done anything wrong, claiming that only about $85 was in change, while the rest was paper money. "I am doing what DMV asked me to do," Di Miranda said. "It is legal tender." Mujakovic has not collected her refund. Have a look below for the video news report. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: First Coast News via Jalopnik Car Buying Government/Legal Car Buying Saab

Are orphan cars better deals?

Most folks don't know a Saturn Aura from an Oldsmobile Aurora. Those of you who are immersed in the labyrinth of automobilia know that both cars were testaments to the mediocrity that was pre-bankruptcy General Motors, and that both brands are now long gone. But everybody else? Not so much. By the same token, there are some excellent cars and trucks that don't raise an eyebrow simply because they were sold under brands that are no longer being marketed. Orphan brands no longer get any marketing love, and because of that they can be alarmingly cheap. Case in point, take a look at how a 2010 Saturn Outlook compares with its siblings, the GMC Acadia and Buick Enclave. According to the Manheim Market Report, the Saturn will sell at a wholesale auto auction for around $3,500 less than the comparably equipped Buick or GMC. Part of the reason for this price gap is that most large independent dealerships, such as Carmax, make it a point to avoid buying cars with orphaned badges. Right now if you go to Carmax's site, you'll find that there are more models from Toyota's Scion sub-brand than Mercury, Saab, Pontiac, Hummer, and Saturn combined. This despite the fact that these brands collectively sold in the millions over the last ten years while Scion has rarely been able to realize a six-figure annual sales figure for most of its history. That is the brutal truth of today's car market. When the chips are down, used-car shoppers are nearly as conservative as their new-car-buying counterparts. Unfamiliarity breeds contempt. Contempt leads to fear. Fear leads to anger, and pretty soon you wind up with an older, beat-up Mazda MX-5 in your driveway instead of looking up a newer Pontiac Solstice or Saturn Sky. There are tons of other reasons why orphan cars have trouble selling in today's market. Worries about the cost of repair and the availability of parts hang over the industry's lost toys like a cloud of dust over Pigpen. Yet any common diagnostic repair database, such as Alldata, will have a complete framework for your car's repair and maintenance, and everyone from junkyards to auto parts stores to eBay and Amazon stock tens of thousands of parts. This makes some orphan cars mindblowingly awesome deals if you're willing to shop in the bargain bins of the used-car market. Consider a Suzuki Kizashi with a manual transmission. No, really.