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The Final Chapter in NEVS’ Struggle for Survival
For years, National Electric Vehicle Sweden (NEVS) was seen as the last hope for keeping Saab’s automotive legacy alive. Formed in the aftermath of Saab Automobile’s bankruptcy, NEVS inherited not just the iconic Trollhättan factory but also the weight of expectations from Saab enthusiasts worldwide. However, after a decade of false starts, broken promises, and financial turbulence, NEVS is now effectively a footnote in automotive history.
The collapse of Evergrande Group in September 2023 proved to be the final nail in the coffin. Once poised to revolutionize the electric vehicle (EV) market with projects like the Emily GT and PONS, NEVS found itself caught in a storm of financial mismanagement, internal power struggles, and ultimately, a forced asset sell-off. The historic Trollhättan factory was sold off in November 2023 to Stenhaga Invest, marking the definitive end of NEVS’ aspirations.
How Evergrande’s Financial Crisis Wrecked NEVS
China’s Evergrande Group, once one of the world’s largest real estate giants, made a bold move into the EV sector in 2019, promising to invest heavily in NEVS. But as Evergrande’s $414 billion debt crisis spiraled out of control, it became evident that its grand ambitions in the auto industry were built on shaky foundations.
- In September 2023, Evergrande defaulted on several financial obligations, triggering a chain reaction that forced its subsidiaries—including NEVS—to halt operations.
- With Evergrande’s resources frozen, NEVS was unable to continue its planned production of the Emily GT, an EV prototype based on decades of Saab engineering expertise.
- The financial meltdown left NEVS without an investor, and attempts to find a new buyer for the business failed.
By November 2023, it was clear that NEVS had run out of time. The decision was made to sell off its assets, including the once-thriving Trollhättan factory, to Swedish investment group Stenhaga Invest.
Internal Turmoil at Evergrande: Executives Resign in Protest
The sale of NEVS’ remaining assets did not sit well with all parties involved. A leaked internal document from Evergrande revealed that some executives were strongly opposed to selling NEVS at a deep discount.
- One high-ranking director, Mr. Wang, resigned in protest, citing concerns that Evergrande had undervalued NEVS’ remaining stakes.
- According to Evergrande’s official announcement on February 25, 2025, Wang disagreed with selling 20% of AB Trollhättan Propellern 13 at a 50% discount on promissory notes. This decision significantly reduced Evergrande’s potential recovery from the deal.
- The fallout from this decision caused further internal chaos within Evergrande, with additional resignations expected in the coming months.
How Chinese Media Reacted to the NEVS Sale
Chinese media has been closely following the Evergrande board’s turmoil after the NEVS sale. Major outlets have provided insight into how this decision has impacted investors and the broader EV market:
- South China Morning Post (SCMP) reported that investors were alarmed by the discounted sale of NEVS assets, fearing it reflected Evergrande’s deepening financial distress.
- Caixin Global highlighted that some Evergrande Auto executives were blindsided by the sale, believing it was rushed and undervalued.
- Sina Finance noted that this resignation exposed deeper governance issues within Evergrande, and other board members may also step down in the wake of this controversy.
- Global Times suggested that Evergrande’s debt restructuring efforts could now be at risk due to internal divisions over asset sales, with the NEVS deal serving as a case study in failed corporate strategy.
This broad reaction underscores that Evergrande’s handling of NEVS has not only led to internal fractures but also raised doubts about its overall strategy in the EV sector.
What’s Next for Trollhättan’s Former Saab Factory?
With NEVS completely out of the picture, the new owner, Stenhaga Invest, has ambitious plans for the site. Svante Andersson, CEO of Stenhaga, has been vocal about his commitment to revitalizing the massive industrial facility.
- Andersson envisions the factory becoming a hub for industrial innovation, though specific details remain under wraps.
- Stenhaga is currently in final negotiations with multiple companies, hinting at a major announcement in 2025.
- Despite Saab enthusiasts’ nostalgia, there are no indications that the factory will return to automobile production.
Andersson has assured the local community that Trollhättan’s factory will not remain a ghost town, but instead be transformed into a vibrant industrial and business center. However, skepticism remains about whether his plans can restore the factory’s former glory.
Emily GT and PONS: The Uncertain Fate of NEVS’ EV Projects
Despite the collapse of NEVS, two of its most ambitious EV projects remain in limbo:
- Emily GT – A Saab-inspired luxury EV sedan with an advanced in-wheel motor system, developed in secrecy before Evergrande’s financial implosion.
- PONS Autonomous Shuttle – A self-driving mobility solution that aimed to revolutionize urban transport.
NEVS’ remaining leadership, under CEO Nina Selander, has been actively seeking buyers for these projects since December 2023. However, there has been no confirmed sale as of early 2025. If a buyer is not found soon, these groundbreaking technologies may never reach production, adding another chapter to the long history of missed opportunities tied to the Saab brand. (Read more on NEVS’ last-ditch efforts to sell Emily GT).
The End of NEVS’ Journey…
The saga of NEVS is one of great ambition, corporate mismanagement, and unfortunate timing. What was once seen as the spiritual successor to Saab’s innovative spirit has now collapsed under the weight of Evergrande’s financial recklessness.
The sale of the Trollhättan factory to Stenhaga Invest marks the definitive end of NEVS and its dream of reviving Swedish automotive engineering. While new businesses may breathe life into the factory, Saab enthusiasts will forever wonder: What if NEVS had found the right investor? What if Emily GT had made it to production?
One thing is certain—Saab’s legacy will never fade, even as its would-be successor, NEVS, is now officially history.
