Reviews Sweden's NEVS seeks new owner in light of parent...

Sweden’s NEVS seeks new owner in light of parent company Evergrande’s financial woes

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NEVS, an electric-vehicle startup most widely known for its try to restart manufacturing of Saab automobiles early final decade, is searching for a purchaser.

NEVS is owned by Evergrande Group, the Chinese language conglomerate whose essential property improvement arm has money owed of over $300 billion and may very well be simply days out from defaulting on a few of that pile.

In an interview with Bloomberg revealed earlier in October, Stefan Tilk, CEO of NEVS, stated he is making ready in case issues do not work out with Evergrande and because of this is searching for a brand new proprietor for NEVS.

“I’m performing as if issues received’t be understanding with Evergrande,” he stated. “Subsequently we’ve entered discussions with new supposed homeowners or undertaking financiers.”

Stefan Tilk

Stefan Tilk

Tilk additionally stated NEVS has sufficient funds to final some time, although the corporate has been compelled to make some cutbacks. In August, it let go roughly half of its 650 employees, most of them from the previous Saab plant in Trollhattan, Sweden. Along with the plant, NEVS’s property embrace engineering and check facilities.

Potential consumers are rumored to incorporate enterprise capital funds based mostly within the U.S. and Europe. It was additionally reported in August that Chinese language smartphone big Xiaomi, which this yr launched its personal automotive arm, was in talks with Evergrande Group about shopping for a few of its automotive property.

It was reported solely in September that Evergrande Group, regardless of its monetary woes, is dedicated to its automotive arm which, along with proudly owning NEVS, owns a 20% stake in Koenigsegg and is making an attempt to launch the brand new Chinese language EV model Hengchi.

Though NEVS beforehand introduced plans to launch its personal electrical autos, the corporate is at the moment centered on creating mobility providers, together with a self-driving taxi service.

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