NEVS

This article is about Swedish electric car producer. For NEVs in the United States, see Neighborhood Electric Vehicle. For NEVs in China, see Plug-in electric vehicles in China.

NEVS AB

File:NEVS logo.svg
Company type	Subsidiary
Industry	Automotive
Predecessor	Former Saab Automobile factories and assets
Founded	2012 (2012)
Founder	Kai Johan Jiang
Headquarters	Trollhättan , Sweden
Number of locations	Trollhättan
Key people	Nina Selander (President)
Products	Automobiles
Parent	China Evergrande New Energy Vehicle Group
Website	www.nevs.com

NEVS AB—short for "National Electric Vehicle Sweden"—is a Swedish firm specializing in electric automobiles, which took over the assets of Saab Automobile following its bankruptcy in 2012. After encountering significant financial challenges, NEVS reduced its workforce drastically in March 2023. Meanwhile, both Polestar and EV Electra have expressed interest in acquiring the former Trollhättan manufacturing plant.

Saab Automobile Acquisition

NEVS was founded by Hong Kong-based energy firm National Modern Energy Holdings (NME) together with Japanese investment company Sun Investment, specifically to purchase the assets of Saab following its bankruptcy. Their offer was accepted, and in August 2012, NEVS acquired the principal assets from Saab Automobile’s bankruptcy estate, aiming to develop electric vehicles at the Trollhättan facility.

A licensing agreement was established between NEVS and Saab AB, granting rights to use the Saab brand for future vehicle models. Although products were branded as Saab, the original griffin logo was not utilized because Scania AB, holding exclusive rights to the emblem, was concerned about potential misuse given its significant value.

Production Resumption

Owing to the magnitude of the undertaking, Sun Investment decided to exit the project. Consequently, NME pursued a financial alliance with Qingbo Investment Company based in Qingdao, which agreed to provide NEVS with SEK 2 billion in exchange for a 22% ownership share. Plans were also made to establish a manufacturing facility near Qingdao. In September 2013, NEVS initiated production of pre-series Saab 9-3 vehicles at the Trollhättan assembly plant to fine-tune assembly machinery and evaluate new parts. The only visible alteration was the replacement of the Griffin emblem with one featuring the Saab logotype. At this stage, approximately 347 staff members were employed at the Trollhättan facility.

After discussions with component suppliers, limited-scale production of the petrol-driven Saab 9-3 Aero began in December 2013, with roughly 20% of original General Motors components having been substituted. The trial run aimed to produce about ten vehicles weekly, with most units intended for sale within China. NEVS planned to eventually launch an electric variant of the 9–3, anticipating that revenues from petrol and diesel models would help fund this development.

Financial challenges and discontinuation of Saab branding

NEVS's financial collaboration with Qingdao came to an end following the 2013 Qingdao oil pipeline explosion, which severely impacted the city's economic stability. This incident led to insufficient capital to maintain production operations.

By May 2014, manufacturing of the 9-3 model was halted due to liquidity shortages, with NEVS reportedly carrying debts exceeding $57 million to various creditors. Facing difficulties in settling supplier payments, the company pursued bankruptcy protection to facilitate restructuring efforts. Although initially denied, the protection was later granted upon a subsequent application. As a consequence of these legal proceedings, Saab revoked NEVS’s rights to utilize the Saab brand name. NEVS eventually exited bankruptcy protection after receiving debt relief.

Chinese investments

In May 2015, NEVS leveraged a Chinese government initiative designed to stimulate electric vehicle sales. This resulted in partnerships with Tianjin city authorities (THT) and Beijing State Research Information Technology Company, facilitating the development of a $400 million manufacturing facility in Tianjin. Additionally, NEVS entered into collaboration agreements with Dongfeng Motors and Renesas Electronics, alongside a development contract with the Turkish Institute for Scientific and Technological Research (Tübitak). These alliances aimed to merge NEVS’s engineering expertise with Dongfeng’s manufacturing strengths.

In December 2015, NEVS formalized a strategic partnership with Panda New Energy, a Chinese firm specializing in energy vehicle leasing with an emphasis on emission reduction. Under this agreement, NEVS committed to supplying Panda with 150,000 electric 9-3 sedans by the end of 2020. The vehicles were scheduled for assembly at the new Tianjin plant. This deal included participation from multiple electric vehicle startups such as Faraday Future.

Following additional industrial collaborations—including agreements with China Volant Industry Co. (Volinco) in January 2016 and State Grid Electric Services in March 2016—NEVS introduced its new corporate identity in June that year. Saab AB reiterated that NEVS would no longer have rights to utilize the Saab name on upcoming models; accordingly, NEVS declared it would discontinue any Saab references while preserving the company’s legacy. In 2017, NEVS secured a battery supply agreement with Contemporary Amperex Technology.

During autumn 2017, Stefan Tilk assumed the role of NEVS managing director and signed a preliminary agreement with Chinese ride-hailing company DiDi, which planned a $500 million investment in NEVS aimed at developing vehicles for its fleet. However, this arrangement fell through when DiDi accepted a more cost-effective proposal from Beijing Automotive Group during mid-2018. Despite this setback, agreements with Volinco and Panda New Energy remained active.

In March 2018, it was revealed that GSR Capital, a Chinese investment consortium, injected $500 million into NEVS for battery development and production activities both in Trollhättan and China. Notably, GSR Capital had previously acquired Nissan's battery division in 2017.

Evergrande Group Acquisition and Subsequent Collaborations

In January 2019, the Chinese real estate giant Evergrande secured a 51% ownership stake in NEVS through its publicly traded subsidiary, Evergrande Health Industry Group. Alongside the existing manufacturing facilities in Trollhättan and Tianjin, plans were announced for an additional production plant in Shanghai.

During the same period, NEVS entered into a strategic alliance with Koenigsegg, acquiring a 20% equity interest in the Swedish supercar manufacturer for $150 million. The partnership aimed to leverage NEVS and Evergrande's manufacturing and supply chain strengths while combining expertise to develop future automotive platforms. However, Koenigsegg later repurchased its shares from NEVS, regaining full ownership.

In April 2019, the Munich-based startup Sono Motors revealed intentions to produce its Sion electric vehicle at NEVS’s Trollhättan facility starting in the latter half of 2020 under a contract manufacturing agreement. This arrangement was subsequently terminated when Sono Motors committed to a binding contract with an alternative manufacturer. Ultimately, the Sion project was discontinued due to financial constraints.

In 2020, NEVS introduced the Sango autonomous vehicle as part of its PONS initiative, designed to serve as a self-driving ride-sharing system offering privacy and security comparable to private car ownership. To facilitate the deployment of PONS in Sweden, NEVS partnered with California-based autonomous driving startup AutoX. Following this, Evergrande Health announced intentions to take NEVS private by acquiring all remaining shares and rebranding it as China Evergrande New Energy Vehicle Group.

Financial difficulties and company shutdown

By 2021, reports emerged indicating that Evergrande Group faced significant debt challenges, attributed to factors such as the COVID-19 pandemic, setbacks with the Hengchi initiative, and overall poor management. Consequently, the group sought to divest NEVS by negotiating with various Chinese investors, including the Xiaomi Consortium. During these negotiations, NEVS introduced the Emily GT, a mid-sized electric sports sedan developed over ten months by their engineering team. This unveiling aimed to demonstrate the company's technological capabilities in hopes of attracting potential buyers. Subsequently, Stefan Tilk was succeeded as CEO by Nina Selander, who previously served as HR manager.

Despite attempts to find a purchaser, NEVS ultimately entered a permanent 'hibernation mode' to prevent bankruptcy, effectively leading to the company's liquidation.

Terminated agreement with EV Electra

In May 2023, NEVS sold an 80% stake in its Trollhättan manufacturing facility to Stenhaga Invest AB, a holding entity owned by Swedish entrepreneur Svante Andersson, while retaining a 20% ownership share. Later on, Stenhaga announced acquiring the remaining 20%, thereby becoming the sole proprietor of the factory.

In July 2023, Auto Motor und Sport disclosed that an undisclosed investor had signed a letter of intent to acquire both the Emily GT and PONS projects from NEVS. This investor was later identified as Jihad Mohammad, CEO of EV Electra, who declared in December 2023 that his company had secured rights to both projects. The Emily GT was rebranded as the 'EV Electra Emily GT'. A joint announcement from NEVS and EV Electra revealed plans for vehicle production in Turkey, with Mohammad also indicating a future resumption of manufacturing activities in Trollhättan. However, EV Electra was unable to obtain a development facility in Trollhättan and instead acquired a plant in Italy, prompting NEVS to terminate the agreement. By December 2024, it became public that the last 20 employees at NEVS had been laid off.

Vehicles

• 9-3 EV (2013–2014; 2019–2022), an electric compact sedan derived from the Saab 9-3 platform.
• Sango, a concept autonomous vehicle designed to carry six passengers, intended for urban transportation.
• Emily GT (2020), an electric sedan initiative conceptualized by Simon Padian.
• Emily GTO, a convertible variant planned as an extension of the Emily GT model.

See also

• EV Electra
• Faraday Future
• Hengchi
• Saab Automobile
• Sono Motors

External links

• Official NEVS website