EV Engineering News

Saab’s new owner: We’re not insolvent, and we have a plan to resume production.

Saab 9-3 Aero Sedan

National Electric Vehicle Sweden (NEVS), the company working to resurrect the Saab brand as a pure EV, may have stalled, but it isn’t ready for the junkyard just yet. The company issued a statement this week saying that it is not technically insolvent – its assets are larger than its debt, and its suppliers will be paid eventually.

In May, NEVS was forced to halt production of its vehicles (6 units per day at the time), due to a “short-term cash problem” caused by a major shareholder failing to provide promised funding.

However, the company said it was working on a deal with two major international automotive OEMs that would include extensive investment and technical support to develop a new platform based on the company’s Phoenix architecture. In this week’s statement, NEVS said that these discussions continue to move in a positive direction, and that once funding is secured, the company will update its business plan and decide on when the Trollhattan factory can resume production.


Source: Green Car Congress

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