Automobile

NEVS Searching For New Owners, Company Owns Saab Assets

It’s been a few years since the Saab brand has made headlines, though real estate troubles in China have a way of rippling around the world and shaking things loose. One of those things is Saab, the defunct Swedish car brand that has had its assets passed around to various companies and wide-eyed ventures since General Motors sold it to Spyker Cars in 2010. It may have yet another new owner soon enough.

Automotive News Europe is reporting that China Evergrande Group, which owns Saab’s assets, is looking to US and European investors for new owners of National Electric Vehicle Sweden (NEVS) as it navigates potentially defaulting on more than $300 billion in debts. NEVS is one of the Group’s automobile divisions and the company that acquired Saab’s assets in 2012. NEVS discontinued using the Saab trademark in 2016.

NEVS CEO Stefan Tilk told the publication that the company has funds to last for a bit, though he did not elaborate on a timeline. NEVS is open to a sale or other financing, and it’s looking at US and European investors, which includes industrial partners and venture capitalists, who are expressing interest in the brand, according to the report. However, the sale is far from set in stone as China Evergrande Group navigates its precarious financial situation.

The company is hoping to find new investors while keeping control of the company’s assets. According to the report, Evergrande would want to keep a foothold in Europe, which NEVS provides through its automotive facilities. Sadly, neither a sale nor investment are likely to revive the Saab brand anytime soon. The brand lost much of its steam at the end of the early 2000s as the 2008 financial crisis shredded the world economy, hurtling two US automakers toward bankruptcy and the Saab’s sale.


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