Mahindra nears final deal to buy majority of NEVS, current owner of Saab

Article by Christian A., on December 15, 2014

Mahindra & Mahindra is nearing to finalize an agreement to acquire a majority stake in the financially distressed National Electric Vehicle Sweden (NEVS), according to a report by the Financial Times, citing court documents. NEVS is the current owner of Saab. Mahindra plans to acquire what remains of Saab to accelerate its expansion into western markets and into premium and electric cars, the Times said.

Lars Eric Gustafsson, the appointed administrator for NEVS, said earlier this month that an Asian carmaker has agreed to purchase a majority stake in NEVS. However, both Gustafsson and NEVS didn’t disclosed the name of the carmaker.

According to the SaabsUnited Web site, NEVS and Mahindra have inked a deal for the Indian company to become a majority owner of NEVS. The investment company has disclosed that a Swedish court had green-lighted an extension of its reorganization for a three more months until March 2, 2015 to allow it to finalize discussion with potential investors.

NEVS is also holding discussions with another Asian carmaker over a joint venture to develop new vehicles. Swedish media reports suggest that the carmaker in the matter is Chinese company Dongfeng Motor. 

If you liked the article, share on:

Topics: mahindra, saab

Comments

Recommended

Last year was probably one of the busiest years for the European New Car Assessment Programme, with a total of around 70 cars tested. But amongst that huge pack of...
by - January 16, 2018
For the longest time, women in Saudi Arabia were restricted from doing what men were able to do freely. And one of the most pressing issues was driving. In the...
by - January 16, 2018
Automakers that have teamed up with Formula 1, like Mercedes-AMG, develop the coolest road-going supercars just like the Project One. Aston Martin and Red Bull, on the other hand, have...
by - January 15, 2018
There is nothing more exciting happening this month than the 2018 Tokyo Auto Salon - especially with all the concepts that are being uncovered. Apart from the Toyota GR Super...
by - January 15, 2018
The very first time we ever saw Bentley’s SUV, the Bentayga, was back in September 2015 when it came out with the impressive W12 engine. A year after that, it...
by - January 15, 2018
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries