The first instalment has been paid

According to the local newspaper ttela.se as of today the first instalment has been paid in full to the creditors. Last week the first creditors have been paid, and today all the creditors that had to be paid in this first instalment have been paid.

This means that 469 out of 573 creditors, the ones with claims below 500000 SEK (60191 USD; 50249 EUR), have been fully paid. This has been done just 3 days before the deadline, that was set for June 13.

NEVS has paid in this first instalment just under 100 Million SEK (12.04 Million USD; 10.6 Million EUR).

The rest of the creditors, the ones that will only be paid in half, should get their money before mid-October.

Angelo V.
Member
1 year 3 months ago

Good.

tianalfred
Member
1 year 3 months ago

At the same time of payment, NEVS tianjin production plant is decided to be built in Huaming, Binhai, tianjin. The construction might start before the end of June

tianalfred
Member
1 year 3 months ago

NEVS Tianjin production plant will start construction in late June in Huaming Hi-tech zone, in Tianjin. With a total investment of 400 million US dollars, NEVS will build a whole NEV vehicle production plant and research center, with an annual output of 120k BEVs and 100k PHEVs. (By alfred)

tianalfred
Member
1 year 3 months ago

Another investor is a public-listed company from China. NEVS China was officially established in Tianjin Huaming on May 28.

kochje
Member
1 year 3 months ago

Hope this good sign is the start of a new beginning.

Bradley Tallent
Guest
1 year 3 months ago

Seriously, why don’t they do the right thing and sell them to someone who actually cares about the brand? The brand is iconic next to Volvo since they are both Swedish. Their has to be someone out there who would be interested in it. Heck, I’d rather let GM have Saab back if they would let them do their own thing and develop their own platforms, that was the problem before. They interfered too much.

Angelo V.
Member
1 year 3 months ago

Geely should buy Saab and get both iconic Swedish brands under one umbrella. Saab could be slotted at a slightly lower price point and focus on hatchbacks at the entry level as well as more expensive sport sedans, sport wagons, convertibles, etc. Volvo could be the more formal luxury division with SUVs and sedans/wagons that are more luxury cars than drivers cars like Saab.

Hamish Keddie
Guest
1 year 3 months ago
This might make sense, but have Geely ever shown any interest in acquiring SAAB? The problem seems to have been that since GM refused to make their patents in SAAB vehicles available to anyone, almost no-one has been interested as SAAB could not be acquired as a going concern. The only bidders for the bankrupt SAAB were NEVS and Youngman. Youngman was ruled out because of their previous failure to pay promised money. Mahindra decided not to submit a final bid, despite the opportunity to do so under the same conditions as NEVS. Tims documents published here made that clear… Read more »
Angelo V.
Member
1 year 3 months ago
Harnish: As I recall, Mahindra (and others) were called back in too late to reasonably be able to formulate a bid by deadline. This was rigged for NEVS because the people in charge liked the green energy/EV aspect that this failed group promoted. What a spectacle it became—-the tail wagging the dog when they were “forced” by a province in China (22% investor)? to build the 9-3, then the province pulled out anyway? LOL. It’s like none of these people have ever been involved in business previously. It was actually comical. If it was any other brand than Saab, I… Read more »
Hamish Keddie
Guest
1 year 3 months ago

As I recall it the documents published by Tim disproved that conspiracy theory. There were extensive discussions between Mahindra and the administrators before Mahindra decided not to bid. It was the job of the administrators to sell SAAB to get money for the creditors. NEVS paid that money. It was not the job of the administrators to ensure that the new owners would be successful or would build the type of cars we wanted. I am certainly not defending NEVS subsequent performance.

Brian Hamilton
Member
1 year 3 months ago

If they’re building factories in China to manufacture electric cars in partnership with other Chinese organizations, it really makes me wonder why they bought SAAB auto in the first place. They could have simply “copied” SAABs and built them in China under a different brand name, which it sounds like what they’ll be doing anyway, since they can’t use the SAAB name.
It all seems like a huge waste of time, money and resources to me. I wish they would say what their ultimate plan is in regard to SAAB cars.

Angelo V.
Member
1 year 3 months ago

Brian: They’re empty suits. They don’t have the first clue of how to succeed, how to be a functioning automobile company. They’re wannabees and they’ve exhausted any goodwill most Saab owners/fans had toward them. They’ve overstayed their welcome, in my opinion, but over 2 years now. Allow me to summarize: They don’t know what they’re doing, yet they are obtuse enough to expect Saab enthusiasts to engage with them at a festival after ignoring these enthusiasts for the better part of 3 years? Really?

Brian Hamilton
Member
1 year 3 months ago
I know all that Angelo. I’ve been following everything here very carefully. We have to concede though, that they’re all we’ve got. No NEVS=nothing! We can’t go back in time, so we have to look forward, and just hope that they can somehow salvage the spirit of SAAB cars, however they badge them. But I think if they can’t do that, no one else will, so it might well be all over. As for me, I’ve just bought a 2004 Laser red 93 Convertible. ‘Looks like a brand new car, straight off the showroom floor…just 80,000 miles on her, so… Read more »
Angelo V.
Member
1 year 3 months ago
They aren’t capable of preserving the spirit of Saab cars. That’s impossible given what we’ve seen. Right out of the gate, their plan was to build electric vehicles to sell in China. They gave lip service to “possibly expanding” but for all intents and purposes, they were going to have a symbolic presence in Sweden for a while, then focus primarily on China, even building cars in a Chinese factory, to sell in China for the long term. That’s not Saab. And frankly, they weren’t even able to read basic tea leaves about their own chosen market, China. I said… Read more »
Dan P
Member
1 year 3 months ago

From what I can gather by hat NEVS has said, they want to build high-end electric cars with the Saab badge whilst taking into account Saab’s innovative and pioneering heritage.

They just haven’t got there (yet), and the whole 2014 9-3 was a huge and unnecessary sidetrack. Although people DO say it’s the best balanced 9-3 of them all. It just cost them dearly.

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