Saab owner National Electric Vehicle Sweden (NEVS) facing financial difficulties

Article by Andrew Christian, on August 13, 2014

Things are not working quite well for the National Electric Vehicle of Sweden (NEVS) a.k.a. the company that lifted Saab out of bankruptcy. It appears that the parent company is now facing the same problems as Saab as a Swedish court declared NEVS bankrupt.

The reason is that the company failed to pay Labo Test, which supplies test equipment for car parts. NEVS failed to pay 150,000 kronor or $22,000 since February.

For those who don’t know, NEVS is owned by a group based on Hong Kong and acquired Saab out of bankruptcy after Spyker Cars failed to revive it. Back in May, we announced that Saab production was stopped due to lack of funds at National Electric Vehicle Sweden.

The reason was that the company didn’t have sufficient cash since its part-owner, Qingbo Investment didn’t fulfill its commitment to finance its activities.

Qingbo is the investment agency of the city of Qindao, China and owns a 22% stake in NEVS. Back in 2013, Qingbo ordered 200 Saab electric vehicles based on the 9-3 sedan. [source: TheDetroitNews]

Topics: saab

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