Press release: Nevs has paid its debts to the creditors

Nevs has made the second and last payment of the composition to the 106 creditors today with a total amount of 231 MSEK. This means that Nevs has no longer any debts to creditors.

Nevs exited the reorganization in April 2015 with a composition proposal approved by 98.2% of the creditors. According to the composition, the last payment of the debt should be made no later than October 14, 2015.

“Being debt-free gives us stability to continue our building relationships with industrial, financial and technological partners, who are significant when it comes to develop and implement our business plan. To be able to make these payments earlier than agreed was important for us”, said Mattias Bergman, President Nevs.

In May 2015, Nevs introduced the city of Tianjin (THT) and State Research Information Technology (SRIT) as its new strategic shareholders. The investment from the new investors have been implemented as planned. The Tianjin manufacturing plant, which will be Nevs’ second global production base focused on EVs, is under construction, as a complement to the Trollhättan Factory.

NEVS is now debt free, at least according to 98,2% of its former creditors, although many said that NEVS only wanted to sell the parts and disappear.

Hope the next press-release is once again about cars and not about a financial matter.

kochje
Member
1 year 19 days ago

So as of this very moment they can seriously sign agreements with other interested partners while no debts means a nice “bride” 🙂
However if that means that we see NEVS starting to build SAAB cars again is still a big question mark.
But at least it is good news for the people in THT who can look forward to new employment in their neighborhood.

adde
Member
1 year 19 days ago

“But at least it is good news for the people in THT who can look forward to new employment in their neighborhood.”

From your mouth into God’s ears, bro. There are still lots of ex-Saab’s workers that are still unemployed.

Angelo V.
Member
1 year 19 days ago
Adde: You and I have discussed this before. Lifted from this article: “The Tianjin manufacturing plant, which will be Nevs’ second global production base focused on EVs, is under construction, as a complement to the Trollhättan Factory.” Why do I get the feeling—-this new factory is not going to be a “complement to” but instead a “replacement for” the Trollhattan plant? We can private message, but in short, why would they start investing millions of dollars to build a new factory in China when they don’t even have a car to produce yet? Wouldn’t it make more sense to begin… Read more »
roger
Member
1 year 19 days ago

Correct me if I’m wrong but isn’t the Tianjin plant a joint venture with Dong Feng? Dong Feng probably have cars to produce there if it take several years for NEVS to start producing their cars. Until the factory is finished(can it take 2-3 years to build) NEVS only have Stallbacka Plant. It would surprised me greatly if they only should produce cars in China. I don’t know any car makers that have closed down in Europe and moved everything to China. Do You?

Angelo V.
Member
1 year 18 days ago

I don’t. Then again, I don’t know any other car makers that came into existence claiming they were going to be an electric car company with an emphasis on selling in China—-but whose first model was resumption of a 12 year old car (with restyled headrests, for sale to Europe)—–and who only made a couple hundred of them before stiffing creditors and apparently starting over.

Mick E. Bice
Member
1 year 17 days ago

Of course a Chinese factory would be a replacement for the Trollhattan plant! To even contemplate that a Chinese company would have long-term plans to manufacture cars in Sweden is so naive that it beggars belief (and yes, that includes Geely).

The only thing that might be of some interest to see here is whether NEVS are competent enough to manufacture anything at all, or if they’ll implode before they get that far.

roger
Member
1 year 13 days ago

Who is naive here? Why do not all manufacturers move their business to China then!? The answer is that transportation and import taxes to EU for fininshed cars is too expensive. NEVS will produce cars in Trollhättan for European market. Anything else is madness!

Angelo V.
Member
1 year 13 days ago
NEVS would build cars in Trollhattan in bare minimum volume—-to comply with any requirement their might have been for them to maintain use of the Saab name. Now that apparently they might no longer have that permission anyway—-they aren’t likely to want to build anything there. Their interest is not in the European market. There interest, is, was and always has been building electric cars for China. They also had a strong interest in having the Saab name to make the buyers in China feel as though they were getting a car with a European luxury heritage. Take the name… Read more »
Mick E. Bice
Member
1 year 12 days ago

Exactly, Angelo. Moreover, what little volume would be produced in Trollhattan (for a limited time period only, merely for compliance reasons) could just as well be assembled from CKD kits shipped from China.

Hamish Keddie
Guest
1 year 18 days ago

Do you know any other car maker that was sold, but where previous owners denied the new owners the right to make any existing models, and an even earlier owner raised problems about using the name, but the new owners still tried to carry on?

Angelo V.
Member
1 year 17 days ago

I guess you’d have to question the wisdom of anyone who would buy into something like that without having a clue of how to make it all work.

Hamish Keddie
Guest
1 year 13 days ago
Which is probably why no other company in the end was prepared to bid for SAAB, and why no major established OEM seems interested now. The only hope for SAAB is that NEVS makes a go of making electric or hybrid cars in China for China (I doubt that these would be called SAABs) and that this puts them in a position to develop and make cars in Sweden for other markets. They would like to call those cars SAABs. This two pronged strategy (cars for China made in China, and those for the rest of the world made in… Read more »
Angelo V.
Member
1 year 12 days ago

But I remember reading here that part of the allure of the purchase was that the Chinese loved European/American status brands and that was one of the primary reasons the consortium wanted Saab. So it would make no sense for them to not use the Saab name on products they plan to sell in China—-as that seemed to be one catalyst of the purchase. And there were others willing to bid if they had the same conditions NEVS ultimately enjoyed. The process was ridiculous and scared off viable companies with common sense.

Hamish Keddie
Guest
1 year 12 days ago
Who was willing to bid? Mahindra? Twice they have been supposed to be about to bid for/buy SAAB or NEVS, but it did not. The documents published by TIm suggested that the brand name issue was probably a major stumbling block for them. Your conspiracy theory has been exploded. Several companies did back out of bidding for SAAB, when GM made it clear that they would not give any licenses relating to the then existing SAAB models. That, and the doubts over the right to use the name SAAB, is why no major OEM has been willing to buy SAAB.… Read more »
jond
Member
1 year 18 days ago
IMHO we’re reading far too much into the ownership permutations. China is still a communist country and bank accounts relating to regions or cities are like different pockets in a jacket. The jacket is worn by the Chinese Government. Swedish mass car manufacturing is now owned by the Chinese Government. Get used to it. It may be that the Saab brand will be useful to their future plans as they develop them or it may not. If it is then they might have another go at coming to an agreement with Saab AB. But they don’t seem to be particularly… Read more »
NickT
Member
1 year 18 days ago

Well, this seems like good news. Hopefully, nevs will restart production and make Saab’s again!

saabdog
Member
1 year 18 days ago

I wonder how the economic upheaval in China will affect Nevs’ plans.

Mick E. Bice
Member
1 year 17 days ago

Hopefully it’ll put an end to the NEVS soap opera once and for all.

Angelo V.
Member
1 year 17 days ago

Maybe KJJ is rummaging through GM’s landfill near their crusher, hoping to find an EV-1 so he can get some technology for a new NEVS model.

roger
Member
1 year 15 days ago

So You wish for a quick death for the SAAB brand?! How stupid isn’t that…?

Mick E. Bice
Member
1 year 14 days ago

Saab died several years ago, thanks to a certain Dutchman. There’s no point in pretending otherwise.

Angelo V.
Member
1 year 14 days ago

Roger: If NEVS has the brand for cars, it’s already dead. Better to wash our hands of NEVS and hope that Saab AB licenses the name to a competent group in the future.

roger
Member
1 year 13 days ago

That will never happen. Not in our lifetime anyway.

NEVS is the only chance for Saab cars now and will be for a long time.
All of us don’t have to love NEVS but if we want som cars with name Saab it would be much better to support them than trash talk them.

Angelo V.
Member
1 year 13 days ago

I don’t think NEVS is going to build a car with the Saab name on it. I think perhaps the only chance of that might be if they finish off the rest of the 9-3 sedans that they have parts, body panels and engines for. I don’t think that will happen because I don’t think there’s any market for that and it would require more preparation expenses than it would be worth. So at this point, I don’t think NEVS will build any more Saabs.

Hakan
Member
1 year 13 days ago
I agree with you. Why all this trash talk? Concerning the question, does this have anything to do with Saab: My perspective is that the legacy link with the past is still there; Trollhättan, the car factory and key personnel. Further on, we can now see how former saabers returns to NEVS. And the brand? I see it like it – Saab – is still loaded with values. At least I am still heavily affected from it. Of course, from a strict business perspective, the saab brand is still out of business. But when the guys in Trollhättan comes up… Read more »
NickT
Member
1 year 13 days ago
Angelo, Roger, and Red, never say never. The old Saab may be dead, but who said that it can’t see its former glory days again? If Saab has money and great management, it can grow big and compete with Audi, Bmw , Mercedes , etc….. Look at Hyundai. Back in the early 2000, they were one of the worse cars ever built and that no one wanted, but with the new management, investment in RnD, and marketing, they are now one of the most successful companies to date. They sell over a million cars a year. I doubt that nevs… Read more »
Angelo V.
Member
1 year 13 days ago

Saab AB still has ultimate say over the use of the name though. And putting that aside, I don’t think NEVS has the firepower to be a KIA or Hyundai.

NickT
Member
1 year 12 days ago

I guess we will have to wait and see on how everything plays out….

Joe
Guest
1 year 16 days ago

Just picked up a new Infinity Q50 for a daily driver. Amazingly reminiscent of my 2006 9-5 driving characteristics, but I will tell you all…IF SAAB (or a reasonable facsimile of) is to re-enter the market anywhere NEAR that price-point, they have a virtual insurmountable amount of ground to gain relative to quality, technology, and engineering vs. anything they’ve ever produced before. Massive investment needed.

I reckon that would not happen.

Steve
Member
1 year 16 days ago

I can’t see this outfit ever producing another Saab. Our best hope is that another manufacturer approaches Saab AB about using the name on a car, maybe a low production sports car manufacturer and build a high end luxury sports car. Something that’ll give the name some kudos again.

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