Currently reading: Former Saab factory goes dormant as owner faces bankruptcy
National Electric Vehicle Sweden enacts ‘hibernation plan’ with huge layoffs in bid to dodge bankruptcy

The former Saab factory in Trollhättan, Sweden, has been put into a “hibernation plan” as owner National Electric Vehicle Sweden (NEVS) scrabbles to avoid bankruptcy.

Of the plant’s 340 employees, 320 will be laid off. NEVS said it has begun negotiations with the appropriate labour unions to provide the impacted staff with support and legal advice.

Interim CEO Nina Selander said: “With great sadness, today we inform you that NEVS will now go under hibernation mode, meaning we will be forced to reduce all costs and suffer from layoffs in all company areas.

“Our decision comes after our owners Evergrande and our investor prospects were unable to finalise negotiations accordingly to our contract.

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