Evergrande Auto, the e-car division of the Evergrande Group, which is now highly indebted, intends to continue with the plans to produce electric cars. At least that was the status a few days ago. In the meantime, however, it has become known that more is going on behind the scenes than was initially known. National Electric Vehicle Sweden (NEVS), the Swedish electric car subsidiary, is now looking for new owners and investors.
Although NEVS, which is owned by the insolvent Chinese property developer, has funds that will last “for quite a while”, you can still see expressions of interest from several investors, according to CEO Stefan Tilk. However, Tilk does not comment on a possible assessment to Reuters. However, they want to have found out that the valuation is possible with up to one billion dollars.
As early as August, there were increasing rumors that Evergrande Auto would disappear from the market before it had even really started. In this context, there were also rumors about the discontinuation of production of the SION by Sono Motors. But these have since been refuted. The expressions of interest from investors and the search for new owners will probably not change anything.
Tilk said that NEVS is mainly in talks with European and US companies about a possible sale or other financing, but did not want to name names. “We are in dialogue with both venture capitalists and companies that have the same idea and direction as we do and want to contribute with our full expertise,” he told Reuters. “So these are both industrial partners and venture capitalists.”
Tilk added that NEVS, which laid off almost half of its 650 or so workers in August, could rehire staff to maintain the competence Evergrande wants in Europe if the Chinese mother weathers the crisis. “If Evergrande can continue to do business, which they hope, they will be interested in having a presence in Europe, with infrastructure such as a factory, testing and laboratory. And we have,” Tilk continued.
Meanwhile, NEVS, which acquired the assets of automaker Saab in 2012, is focused on building its mobility ecosystem PONS, an autonomous ride-sharing network for smart cities and university campuses.
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1 thought on “Evergrande crisis: NEVS is looking for investors”
Quote: “Tilk said that NEVS mainly deals with European and American company talks about a possible sale or other financing, but did not want to name names.”
Hopefully it won’t be General Motors, who sold the Swedish carmaker Saab to NEVS 10 years ago…Now that would (if it were to happen) be turned completely upside down. The poor workers in Sweden….At first they were happy to keep their jobs at Saab through the NEVS takeover at the time. Now maybe. GM therefore and revives the old conditions from back then at Saab?