NEVS ELECTRIC VEHICLES
NATIONAL ELECTRIC VEHICLES SWEDEN – NEVS – PREVIOUSLY SAAB
National Electric Vehicles Sweden (NEVS), a Chinese-owned company, acquired the SAAB brand from bankruptcy in 2012. The entity itself ran into financial troubles in 2014 when the Chinese shareholder, Qingbo Investment stopped providing working capital. In 2014 Mahindra from India acquired the majority shareholding in the company enabling 100 SAAB 9-3 EV’s stuck on the production line to be completed. In 2016 the company announced a $1 billion transaction to supply Chinese aerospace company Volinco with 20,000 Saab 9-3’s as a fleet for its staff. The transaction will be over three years, beginning in 2017. The company earlier announced an agreement with Panda New Energy, a Chinese company to supply it with 150,000 Saab 9-3’s, worth $12 billion. NEVS announced in June 2016 that it will not use the SAAB trademark any longer.
The Chinese shareholder in NEVS Chinese shareholder Guoneng Electric Vehicle Sweden Corporation is Guoneng New Energy Automobile Corporation. The Guoneng New Energy Automobile Corporation has invested three billion yuan ($483.9 billion) in the production facility in the Tianjin Binhai Innovative and High-Technology Area. The project is expected to be completed in the first half of 2016 and go into operation in 2017.
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THE NEVS ELECTRIC CAR IN THE NEWS
2019 Week 5 - Chinese love affair with Swedish brands continues
Chinese automakers seem to have a thing for Swedish car brands. Shortly after announcing that Evergreen has become the majority shareholder in the old SAAB Automobile, now called NEVS, the company acquired a stake in Swedish supercar brand Koenigsegg.
The strategic partnership consists of a €150 million investment in a joint venture with Koenigsegg to develop electric vehicles. NEVS is the major shareholder in the joint venture with a 65% ownership. Koenigsegg will pay for its 35% shareholding through contributing its intellectual property, technology licenses, and product design. NEVS also acquired a 20% direct shareholding in Koenigsegg through a capital injection of €150 million
NEVS Chairman Kai Johan Jiang was quoted saying “Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. To be able to expand our investment in the Swedish automotive industry through a company that we know and have an established relationship with is an important step for us. We have both competencies and facilities to support Koenigsegg on their journey forward, something we look very much forward to.”
According to Koenigsegg the strategic partnership will enable the development of parallel vehicle models in slightly higher volumes with emphasis on electrification, as well as strengthening growth opportunities in the hypercar segment.
Koenigsegg will have access to NEVS production facilities in Trollhättan, Sweden while maintaining its center of excellence in Ängelholm. NEVS capacity in China also opens opportunities for Koenigsegg in the Chinese market as NEVS major shareholder Evergrande also has a wide distribution platform through its ownership in one of China’s largest car retailers.
Ironically Koenigsegg was one of the failed bidders for SAAB Automobile when NEVS acquired it in 2011. Koenigsegg has dabbled with electrification and equipped its Regera supercar with its revolutionary Koenigsegg Direct Drive transmission (KDD) which incorporates a hybrid system with three electric motors and a 4.7kWh battery.
2019 Week 3 - Tired of FF Evergrande shifts to NEVS
The Chinese owned NEVS which acquired the bankrupt Swedish automaker SAAB this week got a new owner as Evergrande Group of China acquired 51% of the struggling automaker keeping the Chinese healthcare company’s electric car aspirations alive. In the newsletter of Week 1/2019, I reported on the agreement reached between Evergrande, a Fortune Global 500 company, and FF, where FF entered into an agreement whereby it could buy-back the Evergrande 31% shareholding within a five-year period. Evergrande came to the rescue of FF mid-2018 but FF founder Jia Yueting soon had a legal fallout with its white knight. Now, Evergrand which is owned by Hui Ka Yan once ranked (2017) the richest person in China invested $930 million (€816 million) in NEVS for the 51% share valuing the company at nearly $2 billion. NEVS has been delaying the launch of the electrified SAAB 9-3 since it initially planning it’s listing in 2017. The NEVS opened the books to pre-order the 9-3 EV in December 2018 for ¥169,800. NEVS is in the process of developing its third plant in Shanghai, which follows on a recent 50,000 unit plant constructed Tianjin and the original SAAB plant in Trollhättan, Sweden. The original founder of NEVS, Kai Johan Jiang, with his company, NE Holding, will retain 49% of NEVS AB.
2018 Week 11 - NEVS gets capital to build battery factory
GSR Capital, a Chinese private-equity company, will invest $500 million in National Electric Vehicle Sweden (NEVS) through a convertible loan. The funds will be used to build a battery assembly line at NEVS plant in Trollhattan, Sweden. The plant will have a capacity of between 400,000 and 500,000 battery packs per annum.
2017 Week 49 - SAAB 9-3 reborn as NEVS start production
The success rate for Chinese start-ups announcing the release of a new EV to physical production has been rather dismal if one considers names like Youxia and Faraday Future. This week, however, saw the start of production by NEVS of its 186 miles (300km) NEVS 9-3 model, a reborn SAAB 9-3, at the company’s Tianjin facility in China. NEVS which acquired SAAB in 2012 has been dogged with financial troubles from inception with a revolving door of investors which included Mahindra. Typical to many early EV start-up’s in China the company announced huge contracts for the supply of EVs in 2016 long before securing production capabilities. However, NEVS persisted and early in 2017 became one of only 15 companies with a permit to produce EVs in China. The Tianjin facility has a capacity of 50,000 units which will increase to 220,000 by 2019. The company also plans to start production at a plant in Trollhättan Sweden in the second half of 2018.
2017 Week 43 - NEVS and Chinese Ridesharing DiDi partners
The Chinese equivalent to Uber and Lyft, DiDi Chuxing this week finalized a strategic partnership with NEVS to develop an electric vehicle fully optimized for the mobility services provided by ridesharing companies such as DiDi. DiDi recently estimated that there would be more than one million EVs on its platform by 2020. Stefan Tilk, the CEO and President of NEVS (previously SAAB), said: “With DiDi actively taking part in the design and development phase, we will make sure that the vehicles will be fully adapted for the needs of our customer.” The result of the strategic partnership will already be available in the upcoming release of the NEVS 9-3, expected in 2018.
2017 Week 35 - New investor in NEVS
2017 Week 22 - NEVS introduces the NEVS 9-3 EV in pilot mobility program
Swedish-based mobility company NEVS launches a city mobility pilot program with support from Tianjin Binhai Hi-tech Industrial Development Area (THT). The program offers car-sharing and ride-hailing solutions in Tianjin city, with 15 million inhabitants. The users will get access to all NEVS 9-3 EV series. With this green technology collaboration, the ambition is to pave the way for a new type of mobility solutions for modern and sustainable cities.
NEVS further announced that it is bringing a second model to life, an SUV EV, to fulfill the growing demand for electric SUV in the country. The new vehicle is called the NEVS 9-3X SUV.
2017 Week 4 - Received approval for its plant in Tianjin
The Chinese-owned NEVS, who acquired SAAB technology after the company filed for bankruptcy in 2012, announced this week that it received approval for its 200,000 unit plant in Tianjin. Earlier in 2015, the company declared that the Chinese Aerospace entity, Volinco, signed an intention to acquire 20,000 SAAB 9-3 sedans for its staff, in a transaction worth around $1 billion. The City of Tianjin is also a shareholder in National Electric Vehicles Sweden (NEVS).
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