NEVS, Successor of Saab Automobile, Changes Hands in Secret Deal!

NEVS, the former electric vehicle manufacturer based in Trollhättan, Sweden, has been sold to a new owner. The deal was signed a few days ago, but the identity of the new owner has not been revealed. NEVS, or National Electric Vehicle Sweden, is a company that has recently taken over as the successor to the iconic car brand, Saab. This move has been met with a great deal of excitement and anticipation, as many are eager to see what NEVS will do with the beloved brand. However, the real question is what will happen to the remains of this company in Trollhattan.

NEVS, which took over the Saab Automobiles factory in Trollhättan, was originally focused on building electric cars. However, the company has since shifted its focus to developing software for autonomous vehicles. The company has been owned by the Chinese property giant, Evergrande, but has been struggling financially in recent years.

The sale of NEVS has been in the works for about a year, with the company’s assets being sold in a “shell deal,” where the company’s contents are sold, but the company itself will no longer have any operations. All assets will be transferred to a new company.

Despite the secrecy surrounding the new owner, NEVS CEO Stefan Tilk has said that the deal feels “really good.” It remains to be seen what the new owner’s plans are for the company and its technology, but the potential for growth in the autonomous vehicle industry is undeniable. As the world continues to move towards self-driving cars, NEVS’ software development expertise could prove to be a valuable asset for the new owner.

NEVS is a Swedish company that specializes in the development and production of electric vehicles, but in these ten years they have not released a single car, nor any other finished product. The only news from the NEVS company has always been about developments and achievements in this domain. Just two months ago, NEVS announced that it had significant financial losses. The company’s 2021 annual report showed a loss of SEK 17.3 billion (approximately $2 billion), with SEK 14.7 billion (about $1.7 billion) of that loss being attributed to write-downs of NEVS’ claims on its parent company, the Chinese property giant Evergrande Group.

In a statement to the media at the time, NEVS CEO Stefan Tilk attributed the financial difficulties to Evergrande’s own precarious financial situation. “It’s entirely due to Evergrande’s precarious financial situation. We felt compelled to write off their debt to us on paper, in consultation with our auditors, even though it still exists between the companies,” Tilk said to Dagens Industri.

The company’s own capital is also decreasing. At the end of 2021, it stood at negative SEK 800 million (about $95 million), which led to NEVS being required to establish a so-called control balance sheet in August of last year. This is required by law when a company’s own capital is less than half of the registered share capital. NEVS had to return its own capital before April this year or face forced liquidation. With this act of sale, the potential liquidation of the NEVS company was prevented. Nevs has around 330 employees.