Evergrande Group, major stakeholders in Faraday Future, pays $930 million for controlling share of National Electric Vehicle Sweden
16 January 2019

China’s third-largest property developer, Evergrande Group, has paid $930 million to become a controlling shareholder of EV maker National Electric Vehicle Sweden (NEVS). 

The move comes as part of Evergrande founder Hui Ka-yan’s ambitions to diversify the company’s business portfolio and tap into a burgeoning electric vehicle market. 

NEVS acquired the main assets of Swedish manufacturer Saab when the company closed its doors in 2012. This included the firm’s Trollhättan factory where NEVS now produces electric vehicles based on the final generation of Saab’s 9-3 saloon. A 2012 attempt to obtain the rights to Saab’s branding and logo on its vehicles was unsuccessful.

The company is part-owned by the municipal government of Tianjin in north-eastern China, where a second facility with a capacity of 50,000 units per year began producing 9-3-based EV models for the Chinese market in 2017. 

The deal between NEVS and Evergrande will aid development of a planned electric crossover, the 9-3X EV, which will initially be produced for China but could make a European debut as part of the company’s aims to become one of the industry’s biggest producers of EVs. 

A similar deal, worth $2 billion, between Evergrande and American EV start-up Faraday Future was threatened last year by a dispute over claims of withheld funding and attempted control seizure on the part of the investor. 

A new contract drawn up by the two companies at the end of 2018 is anticipated to bring an end to a period of uncertainty for the Los Angeles-based manufacturer. 

An Evergrande spokesperson, quoted in the South China Morning Post, said: “Through acquiring corporations possessing leading new energy automotive technology and production capacity, the board believes that the group’s growth capabilities can be strengthened, and a strong competitiveness in the fast-growing new energy automotive industry can be obtained”. 

Our Verdict

Saab 9-3 Sportwagon

Minor tweaks both simplify and improve the 9-3. Likeable, but lagging behind

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Comments
12

16 January 2019

You mean 51% of NEVS.  I can't believe NEVS which produces a handful of obsolete cars a year has a value of nearly $2 billion.

typos1 - Just can’t respect opinion

FMS

18 January 2019
xxxx wrote:

You mean 51% of NEVS.  I can't believe NEVS which produces a handful of obsolete cars a year has a value of nearly $2 billion.

 

Oh really...have you used your keyboard to try and find out what else the firm has to justify this...or not?. You can't believe, because you are toooooo lazy to make the difference that would satisfy your morbid curiosity. Get OFF your decrepit sofa and do some real work for a change...keyboard hero and TwIT.

16 January 2019

Yeah a hand ful, like 0v34 250,000 EV cars and Commercial transportation to one company alone, along with  other contracts that amount to in excess of half a million units, and thats before any retail sales that have been ongoing for nearly 5 years - Yes the 9-3 might be old, but it is selling well in China.

 

16 January 2019

Oops Thats meant to say over 250,000

 

16 January 2019

Please show the link where National Electric Vehicle Sweden (NEVS) sold 250,000 BEV's . Bear in mind Tesla and BYD only sold around that number of BEV's in 2018

typos1 - Just can’t respect opinion

16 January 2019

You're getting confused with New Energy Vehicles (NEV) numbers which is how EV's etc are reported in China as a whole, most certainly not NEVS.  NEVS most certainly don't make 250,000 a year with contracts for another 250,000.  If they did thay'd have a value of alot more than $1.8 billon.

typos1 - Just can’t respect opinion

16 January 2019
Yet more appropriation of advanced European automotive technologies by the Chinese at minimal cost.

No wonder the CCP is taking the West for a ride with its unprecedented state-sponsored campaign of espionage and theft of European and American IP and technologies.
Xi jinping must be giggling in his boots seeing the clueless numpties among the corporate and political elites of the west so ready to hand over their industrial knowhow lock, stock and barrel.

17 January 2019

The west is stupid in not reciprocating Chinese trade rules and tariffs. It alows them to come and pick what they fancy, yet builds walls to keep out western companies.

Well, along with Volvo/MG/Lotus, that is another car I will not be buying. Imagine if this was 1937 and we all knew about the concentration camps, would we be buying German cars?

17 January 2019

Let's hope Evergrande revives Saab as successfully as Geely improves Volvo.

17 January 2019

I cannot wait to see what happens next!

Mesumguy

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