NEVS (National Electric Vehicle Sweden), owner of Saab, has narrowly avoided bankruptcy proceedings and has confirmed that it is still seeking a partner to ensure its long-term future.
Last week NEVS confirmed that one of its suppliers, Labo Test, agreed to withdraw a bankruptcy petition lodged with the Swedish government. NEVS owes Labo Test a total of 150,000 kronor ($29,000).
According to the Wall Street Journal, NEVS has debts of around 3.6 million kronor ($560,000) formally registered with the Swedish government’s Enforcement Authority. The agency claims that there are a further 91 claims outstanding, some of which total several million kronor each.
In response, NEVS issued a statement: “The company does not have enough liquid cash as today to pay all outstanding debt but NEVS’ assets are larger than its debt. NEVS today cannot say exactly when, but NEVS’ suppliers will get paid.”
NEVS claims it has had dialogue with two major automakers and that talks are developing “in a positive direction”, although nothing has yet been finalised. Only after talks have concluded will the company be able to formalise plans to restart manufacture of the eleven year-old 9-3, as well as start series production of the electric 9-3 ePower and continue development of new cars.
In 2012 National Electric Vehicles Sweden bought from bankruptcy administration the Saab brand, its Trollhattan factory, and rights to the 9-3, as well as the Phoenix platform. The brand had previously been run by Dutch speciality car maker Spyker, and General Motors before that. The company restarted production of the 9-3 Aero late in 2013, only to stop once again in May this year.
NEVS is headed up by naturalised China-born Swedish national Kai Johan Jiang and is part owned by the Chinese city of Qingdao. According to The Truth About Cars, Jiang made his fortune building biomass power plants in his native China.