NEVS

This article is about Swedish electric car manufacturer. For NEVs in United States, see Neighborhood Electric Vehicle. For NEVs in China, see Plug-in electric vehicles in China.

NEVS AB
Company typeSubsidiary
IndustryAutomotive
PredecessorSaab's factories and assets
Founded2012; 12 years ago (2012)
FounderKai Johan Jiang
Defunct2023; 1 year ago
FateLiquidated by owner (Evergrande Group)
Headquarters
Trollhättan
,
Sweden
Number of locations
Fuzhou, China
Toronto, Ontario, Canada
Key people
Stefan Tilk (President)
ProductsAutomobiles
Number of employees
1000+ (2018)[1]
ParentChina Evergrande New Energy Vehicle Group
Websitewww.nevs.com

NEVS AB (an abbreviated form of "National Electric Vehicle Sweden") was a Swedish electric car manufacturer which acquired the assets of Saab Automobile from a bankruptcy estate in 2012.[2] After facing numerous financial difficulties, the company was closed in March 2023, with both Polestar and EV Electra interested in buying the former Trollhättan factory.[3][4]

History

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Acquisition of Saab Automobile

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NEVS was established by Hong-Kong based energy company National Modern Energy Holdings (NME) and Japanese investment company Sun Investment, for the sole purpose of acquiring Saab's bankruptcy assets.[5] The company's bid was successful and NEVS acquired the main assets of the Saab Automobile bankruptcy estates in August 2012, intending to run an electric vehicle business at the Saab factory in Trollhättan.[6][7]

NEVS signed a licensing agreement with Saab AB regarding the rights to use the Saab brand name for its future vehicles. The vehicles and related products and services were named Saab, although the former Saab griffin logo was not used, as Scania AB wanted exclusive rights to the logo and feared it may end up in the wrong hands due to its high value.[8]

Restart of production

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Due to the scale of the task, Sun Investment withdrew from the project. This led to NME seeking a financial partnership with the Qingdao Qingbo Investment Company, who would grant NEVS SEK 2 billion in return for a 22% stake in the company. A factory was also planned in the vicinity of Qingdao.[9] In September 2013, NEVS began manufacturing pre-production Saab 9-3's at the Trollhättan assembly plant to calibrate assembly equipment and test new components. The only exterior difference was the lack of the Griffin badge, which was replaced with a badge displaying the Saab logotype.[10] During this time, 347 employees were reported to be working at the Trollhättan plant.[11]

Following negotiations with parts suppliers, limited production of the petrol-powered Saab 9-3 Aero commenced in December 2013, with 20% of original General Motors parts having been replaced.[12] Around 10 cars a week were planned to be produced for this small-scale test run, with the majority of cars produced being sold in China.[13] NEVS intended to later produce an electric version of the 9-3, hoping to use the sale of petrol and diesel powered versions of the car to finance this.[14]

Financial difficulties and abandonment of Saab name

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NEVS's financial partnership with Qingdao later ended due to the 2013 Qingdao oil pipeline explosion, which weakened the financial state of the city.[15] As a result of this, there were no sufficient financial resources to continue production.[16]

Production of the 9-3 was suspended in May 2014 due to cash flow problems, with NEVS reportedly owing over $57 million to creditors.[17] Struggling to pay its suppliers, the company sought bankruptcy protection with the aim of restructuring. This was initially rejected, but approved in a further attempt.[18] Due to these proceedings, Saab revoked the right for NEVS to use the Saab brand name.[19] NEVS was able to leave bankruptcy protection after its debts were forgiven.[20]

Investments from China

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In May 2015, NEVS took advantage of a campaign launched by the Chinese Government aiming to boost the sale of electric vehicles. The company secured partnerships with the city of Tianjin (THT) and the Beijing State Research Information Technology Company, resulting in the construction of a $400 million factory in Tianjin.[21] NEVS also signed cooperation agreements with Dongfeng Motors and Renesas Electronics, alongside a development contract with the Turkish Institute for Scientific and Technological Research (Tübitak).[22][23] These partnerships were intended to combine the technical expertise of NEVS engineers with the production capabilities of Dongfeng.

In December 2015, NEVS signed a strategic collaboration agreement with the Chinese company Panda New Energy, an energy vehicle leasing company focusing on limiting emissions. According to the agreement, NEVS would provide Panda with 150,000 9-3 sedan electric vehicles until the end of 2020.[24] These vehicles would be assembled at the new Tianjin factory. NEVS was joined in this agreement by numerous other electric vehicle start-ups, including Faraday Future.[25]

After signing various other industrial partnerships, notably with China Volant Industry Co. (Volinco) in January 2016, and network giant State Grid Electric Services in March 2016, NEVS unveiled its new identity in June during the same year. Saab AB reaffirmed that NEVS would not be allowed to use the Saab brand on future car models, with NEVS announcing that it would abandon any reference to Saab while integrating the heritage of the company.[26][27] NEVS later signed a battery contract with Contemporary Amperex Technology in 2017.[28]

In autumn 2017, the new managing director of NEVS, Stefan Tilk, signed a preliminary contract with the Chinese vehicle hire company DiDi, which was to invest $500 million in NEVS in order to develop vehicles for its own fleet.[29] The deal subsequently collapsed due to DiDi receiving a cheaper offer from Beijing Automotive Group in the summer of 2018.[30] Despite this, contracts with Volinco and Panda New Energy remained in place.[31]

In March 2018 it was announced that the Chinese investment group GSR Capital was investing $500 million in NEVS to develop and produce batteries in Trollhättan and China.[32] GSR Capital had already taken over Nissan's battery division in 2017.[33]

Acquisition by Evergrande Group and subsequent partnerships

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See also: Evergrande Group

In January 2019, Chinese real estate conglomerate Evergrande acquired 51% of the shares in NEVS via its listed subsidiary Evergrande Health Industry Group.[34] In addition to the existing Trollhättan and Tianjin plants, another factory was planned in Shanghai.

In the same month, NEVS and Koenigsegg announced that NEVS would acquire a 20% stake in Koenigsegg for $150 million, with both companies entering a “strategic partnership”.[35] The stated aim of this partnership was for Koenigsegg to use the production and supply capabilities of NEVS and Evergrande, with both companies combining their knowledge to develop future vehicle platforms.[36] Koenigsegg has since bought the stake back from NEVS.[37]

In April 2019, Munich based start-up Sono Motors announced that the Sion vehicle would be produced under a contract with NEVS in Trollhättan from the second half of 2020.[38] The deal was later cancelled after Sono signed a binding agreement with another manufacturer.[39] The project was later cancelled due to a lack of funds.[40]

In 2020, NEVS revealed the Sango self driving vehicle as part of its PONS project. The project was intended to act as an autonomous ride-sharing network providing similar levels of privacy and security to a personal vehicle. NEVS partnered with Californian start-up AutoX with the aim of distributing and launching PONS in Sweden.[41] Evergrande Health subsequently announced plans to privatize NEVS by acquiring all its shares, alongside a rebranding the company to China Evergrande New Energy Vehicle Group.[42]

Financial troubles and company closure

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In 2021, it was reported that Evergrande Group was deep in debt, suspected to be due to the COVID-19 Pandemic, the failure of the Hengchi project and general mismanagement, and so was trying to sell NEVS to various Chinese investment firms, such as the Xiaomi Consortium.[43][44][45] During efforts to sell the company, NEVS revealed the Emily GT, a mid size electric sports sedan developed by engineers over a period of ten months. The purpose of this announcement was to showcase the firm’s technology in an effort to secure a buyer.[46] Stefan Tilk was later replaced as CEO by former HR manager Nina Selander.

Despite these efforts to sell the company, NEVS entered a permanent 'hibernation mode' to avoid bankruptcy, essentially liquidating the company.[47]

Cancelled deal with EV Electra

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See also: EV Electra

In May 2023, NEVS sold 80% of the Trollhättan factory to Stenhaga Invest AB, a holding company owned by Swedish millionaire Svante Andersson, with NEVS retaining a 20% share of the property.[48] Stenhaga later announced that they had acquired the remaining 20% stake in the factory, becoming its sole owner.[49]

In July 2023, Auto Motor und Sport magazine reported that a secret investor had signed a letter of intent to purchase both the Emily GT and PONS projects from NEVS.[50] This investor was later revealed to be EV Electra CEO Jihad Mohammad, who announced in December 2023 that his company had purchased the rights to both projects, with the Emily GT being renamed the 'EV Electra Emily GT'.[51] A joint statement between NEVS and EV Electra revealed that EV Electra would soon begin to produce cars in Turkey, with Mohammad adding that cars would soon be produced at Trollhättan again.[52] Despite this, EV Electra failed to secure a development site in Trollhättan, instead purchasing a factory in Italy, leading to NEVS cancelling the agreement and proceeding with the project independently.[53][54]

Vehicles

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  • 9-3 EV (2013–2014; 2019–2022), a compact electric sedan based on the Saab 9-3.[55]
  • Sango, a prototype self-driving 6 passenger vehicle for city mobility.[56]
  • Emily GT (2020), a project for an electric sedan designed by Simon Padian.[57][58]
  • Emily GTO, a planned convertible version of the Emily GT.[59]

See also

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References

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  1. ^ "NEVS Annual Report 2018" (PDF). NEVS. Retrieved 12 January 2020.
  2. ^ "Koenigsegg to accelerate growth in the hyper car market with EUR 150 million funding from NEVS (National Electric Vehicle Sweden)". News.EuropaWire.eu. 30 January 2019. Retrieved 29 October 2020.
  3. ^ Gauthier, Michael (12 March 2023). "Saab's Ghost Comes Back To Haunt Once Again As NEVS Goes Into "Hibernation Mode"". Carscoops.
  4. ^ Anderson, Brad (24 April 2023). "Polestar To Open New R&D Facility At Former Saab Factory". Carscoops.
  5. ^ "経営破綻した「サーブ」を日中企業連合のEV会社が買収 買収合併 - 不景気.com". www.fukeiki.com (in Japanese). 14 June 2012. Retrieved 1 February 2024.
  6. ^ "About us". NEVS. Retrieved 26 September 2017.
  7. ^ "Bekräftat intresse för Saab" (in Swedish). 24 May 2012.[dead link]
  8. ^ Alestig, Peter (16 August 2012). "Ingen Gripen-symbol för Saabs nya ägare". Svenska Dagbladet (in Swedish). ISSN 1101-2412. Retrieved 2 February 2024.
  9. ^ "Production-line to be rebuilt to accommodate electric cars". SAABSUNITED. 13 February 2014. Archived from the original on 1 September 2022. {{cite web}}: Check |url= value (help)
  10. ^ Zalstein, David (19 September 2013). "Saab production resumes in Trollhattan under NEVS control". Drive. Retrieved 19 September 2013.
  11. ^ Warburton, Simon. "SWEDEN: Nevs sticks to autumn Saab 9-3 relaunch date". just-auto. Retrieved 15 October 2013.[dead link]
  12. ^ Jolley, David (29 November 2013). "Saab will resume series production of the 9-3 sedan on Monday". Automotive News Europe. Retrieved 29 November 2013.
  13. ^ "Saab 9-3 production starts again - cars to be sold online to Swedish buyers". Cars UK. 2 December 2013. Retrieved 1 February 2024.
  14. ^ "Saab facing bankruptcy - again". Cars UK. 13 August 2014. Retrieved 1 February 2024.
  15. ^ "China oil pipe blast: Qingdao pipeline blast 'kills 44'". BBC News. 22 November 2013. Retrieved 1 February 2024.
  16. ^ Tom (20 May 2014). "Saab Produktionsstopp". SaabBlog - All about Saab Cars (in German). Retrieved 1 February 2024.
  17. ^ "NEVS Granted Bankruptcy Protection, Loses Right to Saab Name". Motortrend. 30 August 2014. Retrieved 1 February 2024.
  18. ^ NACHRICHTEN, n-tv. "Saab droht das Aus". n-tv.de (in German).
  19. ^ "Saab carmaker NEVS granted creditor protection by court but loses right to use Saab name". Automotive News Europe. 29 August 2014. Retrieved 31 January 2016.
  20. ^ Drought, Aline (15 April 2015). "Saab-Eigner können Gläubigerschutz verlassen". Autos (in German).
  21. ^ Nylander, Johan (29 June 2015). "Saab Owner To Build $400 Million Electric Car Factory In China". Forbes. Retrieved 1 February 2024.
  22. ^ "Stotternde Nevs kooperiert mit Dongfeng Motors". Neue Zürcher Zeitung (in Swiss High German). 17 August 2015. ISSN 0376-6829.
  23. ^ "Renesas Electronics and Nevs Sign Strategic Partnership Agreement to Promote Technological Development for China's New Energy Vehicle Industry | Renesas". www.renesas.com. 6 November 2015.
  24. ^ "China's Panda New Energy places $12bn-order for Nevs electric cars". Yahoo!. AFP. 17 December 2015. Retrieved 18 September 2020.
  25. ^ "NEVS to deliver 150,000 EV's to Panda New Energy Ltd. (Update)". SAABSUNITED. 17 December 2015. Archived from the original on 2 September 2023.
  26. ^ "Saab name won't be revived under Chinese owners". Automotive News. 30 January 2016. Retrieved 31 January 2016.
  27. ^ TURBOII030 (21 June 2016). "NEVS will use its own brand NEVS instead of Saab – WAUTOM 中国汽车". Retrieved 2 February 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ^ Lambert, Fred (1 March 2017). "Chinese battery maker signs massive supply contract with NEVS ahead of build out of new Gigafactory-size plant".
  29. ^ ""Kinas Uber" går in i Nevs - DN.SE". 26 October 2017. Archived from the original on 26 October 2017.
  30. ^ Lambert, Fred (11 April 2018). "Didi reportedly pulls out of massive electric car order with NEVS". electrek.co. Retrieved 18 September 2020.
  31. ^ Von Tiedemann, Cornelius (3 December 2016). "Was macht eigentlich Saab? | Der Nordschleswiger". www.nordschleswiger.dk (in German). Retrieved 3 December 2016.
  32. ^ "NEVS - GSR Capital - new major investor in NEVS". Retrieved 9 March 2019.
  33. ^ "GSR Capital - Building World Class New Industries（www.gsrcapital.com）". www.gsrcapital.com. Retrieved 9 March 2019.
  34. ^ "NEVS - Evergrande Group new main owner in NEVS AB" (Press release). NEVS. Archived from the original on 21 January 2019. Retrieved 29 January 2019.
  35. ^ Petrány, Máté (29 January 2019). "Koenigsegg Sells a 20-Percent Stake to Company That Owns Saab's Assets". Road and Track. US. Retrieved 17 March 2019.
  36. ^ "Koenigsegg to embark on evolutionary journey for future growth". Koenigsegg. 29 January 2019. Archived from the original on 24 April 2019. Retrieved 9 March 2019.
  37. ^ "Koenigsegg regains full ownership over the Gemera production company". News Cision.
  38. ^ "SEV Sion is produced by NEVS in Sweden". Sono Motors. 17 April 2019. Retrieved 9 March 2019.
  39. ^ "Valmet Automotive produces SEV Sion". Sono Motors. 5 April 2022. Retrieved 9 March 2019.
  40. ^ Martin, Charlie (24 February 2023). "Solar EV start-up Sono ends Sion car development". Autocar. Retrieved 1 February 2024.
  41. ^ Page, Felix (1 July 2020). "Swedish firm NEVS unveils autonomous ride sharing system". Autocar. Retrieved 1 February 2024.
  42. ^ 【港股追蹤】恒大健康改名「恒大汽車」 市值2600億直迫地產旗艦. Hong Kong Economic Times (in Chinese (Hong Kong)). 28 July 2020. Retrieved 18 September 2020.
  43. ^ "5 things to know about the Evergrande crisis: A simple breakdown". 24 September 2021.
  44. ^ "Saab-Assets Owner NEVS Could be Sold off to Xiaomi Consortium". 24 August 2021.
  45. ^ "NEVS President Confirms Evergrande Exploring Sale, Says Several Groups Interested in Last Remnants of Saab". 15 October 2021.
  46. ^ Lambrecht, Andrew (23 July 2023). "Saab's Revival: The 600-Mile NEVS Emily GT May Become a Reality". InsideEVs. Retrieved 1 February 2024.
  47. ^ "NEVS - China Evergrande Group gives NEVS New Business Directions". www.nevs.com. Retrieved 23 March 2023.
  48. ^ "Fastighetsägaren om Nevs hemliga investerare: "Kommer bli biltillverkning på Stallbacka"". TTELA (in Swedish). 24 July 2023. Retrieved 2 August 2023.
  49. ^ Aničić, Goran (17 November 2023). "Stenhaga Invest Secures 100% Ownership of SAAB Factory: A Triumph in Trollhättan's Auto Revival!". Retrieved 1 February 2024.
  50. ^ Söderlind, Alrik (21 July 2023). "Bekräftat: Nevs Emily GT ska byggas!". auto motor & sport (in Swedish). Retrieved 2 August 2023.
  51. ^ Vijayenthiran, Viknesh (6 December 2023). "NEVS EV designed by former Saab engineers may be revived". Motor Authority. Retrieved 7 December 2023.
  52. ^ Martin, Charlie (1 December 2023). "Saab-engineered Nevs Emily GT saved by Canadian EV start-up". Autocar. Retrieved 7 December 2023.
  53. ^ Martin, Charlie; Culmer, Kris (25 April 2024). "Nevs Emily GT rescuer buys factory in Italy; first EVs due this year". Autocar. Retrieved 28 May 2024.
  54. ^ Aničić, Goran (24 May 2024). "NEVS Cancels Deal with EV Electra: Reviving the Saab Heritage with Emily GT!". Retrieved 28 May 2024.
  55. ^ "NEVS launches electric-car output with Saab 9-3 platform in China". Automotive News Europe. 9 July 2019.
  56. ^ "NEVS launches PONS – the first mobility ecosystem with autonomous vehicles for city needs". Mynewsdesk. Retrieved 30 December 2020.
  57. ^ Bell, Sebastien (27 April 2023). "The Secret NEVS Emily GT Project Is The Electric SAAB That Never Was". Carscoops.
  58. ^ "NEVS Emily GT: Saab engineers shock with 621-mile EV". Autocar. 28 April 2023.
  59. ^ Anderson, Brad (2 May 2023). "NEVS Designed A Convertible 'GTO' Version Of The SAAB-Like Emily EV Before It Was Shuttered". Carscoops.
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