NEVS is injecting €150 million ($238 million) into Koenigsegg and taking a 20 per cent stake in the supercar maker, creating something of a Swedish supergroup. No, not like ABBA.
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NEVS (National Electric Vehicle Sweden) and Koenigsegg will also form a joint venture company "to expand into new market segments". NEVS will contribute €150 million ($238 million) in starting capital for the new firm and hold a 65 per cent stake.

Koenigsegg will own the rest of the company by contributing its "intellectual property, technology licenses, and product design".

According to Koenigsegg, its new partnership with NEVS will allow for the "development of parallel vehicle models in slightly higher volumes with emphasis on electrification".

Koenigsegg will also gain access to NEVS factories in Trollhättan, Sweden and China, as well as its engineering resources in Sweden.

"This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS," Christian von Koenigsegg, CEO of his eponymous automaker, said in a prepared statement.

"We very much look forward to working together with NEVS to develop products that ensure a sustainable future.”

Evergrande Group, a Chinese firm, recently bought a controlling 51 per cent stake in NEVS. Evergrande has been branching out in recent years with investments in the tourism, technology and health sectors.

The company made headlines last year when it was involved in a funding stoush with electric car startup Faraday Future.

NEVS was formed in 2012 to take on Saab-related assets, including the 9-3 architecture and Trollhättan factory, previously owned by Dutch automaker Spyker.

It was able to license the Saab name from truck maker Saab AB, but lost these rights when it went into bankruptcy protection in 2014.