NEVS looking for new owners, company owns Saab assets
It’s been a few years since the Saab brand hit the headlines, although real estate issues in China tend to spread around the world and shake things up. One of these things is Saab, the now defunct Swedish car brand whose assets have been transferred to various googly-eyed corporations and businesses since General Motors sold it to Spyker Cars in 2010. It could have another new owner soon enough.
Automotive news Europe reports that the China Evergrande group, which owns the assets of Saab, is looking to US and European investors for new owners of National Electric Vehicle Sweden (NEVS) as it potentially sails in default on more than $ 300 billion in debts. NEVS is one of the automotive divisions of the group and the company that acquired the assets of Saab in 2012. NEVS stopped using the Saab brand in 2016.
NEVS CEO Stefan Tilk told the publication the company has funds to last a bit, although he did not specify a timeline. NEVS is open for sale or other funding, and is considering U.S. and European investors, including industry partners and venture capitalists, who are expressing interest in the brand, according to the report. However, the sale is far from being frozen as China Evergrande Group grapples with its precarious financial situation.
The company hopes to find new investors while retaining control of the company’s assets. According to the report, Evergrande would like to keep a foothold in Europe, which NEVS provides through its automotive facilities. Unfortunately, neither a sale nor an investment is likely to revive the Saab brand anytime soon. The brand lost much of its dynamism in the late 2000s when the 2008 financial crisis shredded the global economy, pushing two American automakers into bankruptcy and the sale of the Saab.