Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
October 15, 2021 11:50 AM

Evergrande's Swedish Saab assets owner in sale talks, CEO says

National Electric Vehicle Sweden (NEVS) could be valued at up to $1B

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    NEVS Saab 9-3 China
    NEVs

    NEVS built an EV based on the Saab 9-3 at its plant in the north China port city of Tianjin.

    STOCKHOLM -- The Swedish electric vehicle unit of China Evergrande Group, which owns the assets of Saab, is in talks with U.S. and European venture capital firms and industrial partners to find new owners, as its Chinese parent battles default on more than $300 billion in debts.

    National Electric Vehicle Sweden (NEVS), owned by the cash-strapped Chinese property developer, has funds to last "for a good while," its CEO Stefan Tilk said, adding that several investors were showing interest in the company.

    He declined to comment on a possible valuation. A source familiar with the situation told Reuters the unit could be valued at as much as $1 billion.

    Evergrande has already missed three rounds of interest payments on its international bonds and has been scrambling to sell some of its assets to raise cash.

    The Chinese property developer has spent billions of dollars on stakes in automobile technology developers, including NEVS. It also has joint ventures with Germany's Hofer and Sweden's Koenigsegg.

    NEVS, which received an electric vehicle production license in China four years ago, is the Swedish arm of Evergrande's EV unit Evergrande New Energy Vehicle Group.

    Tilk said that NEVS is discussing a potential sale or other financing mainly with European and U.S. firms, but declined to name them.

    "We are in dialogue both with venture people and companies that have the same idea and direction as us and want to get into this with our full competence," he told Reuters. "So they are both industrial partners and venture capitalists."

    Evergrande NEV warned in stock exchange filings last month that it was still looking for new investors and to make asset sales, and that without either it may struggle to pay employee salaries and cover other expenses.

    Tilk added that NEVS, which gave notice of redundancy to nearly half its roughly 650 workers in August, could hire staff again to get the competence Evergrande wants in Europe if it survives the crisis.

    "If Evergrande can continue its operations, which they hope to do, they will be interested in having a footprint in Europe, with infrastructure like a plant, tests, lab. And we have that," he said.

    In the meantime, NEVS, which bought automaker Saab's assets in 2012, is focusing on building its mobility ecosystem PONS, an autonomous ride-sharing network for smart cities and university campuses.

    Related Article
    NEVS launches electric-car output with Saab 9-3 platform in China
    Saab asset owner NEVS plans Swedish production next year
    Saab name won't be revived under Chinese owners
    RECOMMENDED FOR YOU
    Ford's axing of Fiesta, Focus cars epitomizes industry disruption
    Recommended for You
    Ford Focus production Saarlouis
    Ford's axing of Fiesta, Focus cars epitomizes industry disruption
    Ford reduces top execs' bonuses after 'frustrating' earnings
    Ford reduces top execs' bonuses after 'frustrating' earnings
    BMW San Luis Potosi Mexico 2023
    BMW to invest $866 million in Mexico in EV push
    Capgemini Invent Head on automotive takeaways from CES 2023
    Sponsored Content: Capgemini Invent Head on automotive takeaways from CES 2023
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us