PRESS-RELASE: Qingdao to become NEVS’ strategic gateway to China for Saab cars

NEVS has entered a long time partnership with the City of Qingdao in China’s Shandong-province. Qingdao initially invests SEK 2 billion, obtaining a 22 percent ownership share of NEVS through a directed share issue. Further investments will be made in a joint venture company in China. NEVS is headquartered in Trollhättan, Sweden where product development and manufacturing is located.

Qingdao’s investment in NEVS will be made in successive stages, and provides NEVS with a financially stable investor, as well as a business partner which provides access to a key market. The City of Qingdao has, through its investment company Qingdao Qingbo Investment Co, Ltd, signed a contract with NEVS’ parent company National Modern Energy Holdings Ltd. and with National Electric Vehicle Sweden AB (NEVS).

”This agreement provides financial resources that form an important contribution to enable implementation of the NEVS business plan,” said NEVS Chairman Karl-Erling Trogen.

Read morePRESS-RELASE: Qingdao to become NEVS’ strategic gateway to China for Saab cars

Dagens Nyheter Report About Press Conference

An excellent piece covering the press conference was published by dn.se. Read a translation after the break.

  • Pang Da is optimistic about future Saab sales and production in China.
  • The deal will take an additional 2-3 months to complete.
  • Youngman’s exclusivity deal expired in March with Spyker, leaving the door open to alternatives.

Read moreDagens Nyheter Report About Press Conference

Deal With IAC Has Been Reached

According to SvD.se, IAC (who makes Saabs dashboards) and Saab have reached an agreement.

Although the agreement is [reached], IAC’s notice of termination of 200 employees remains.

“We were ready with the negotiations last night,” said Managing Director Marcus Nyman, who is himself in China.

IAC, which was among those suppliers that halted deliveries because of non-payment, has accepted an installment plan for the debts and a credit for future deliveries.

Read moreDeal With IAC Has Been Reached

Production *Should* Start Next Wednesday

This according to Gunnar Brunius, Saab’s purchasing manager and production director. According to DI, the money for the first Saabs was wired from Pang Da. This effectively quashes claims from skeptics who thought the deal too good to be true (read: TTAC). From DI:

“I expect the plant to begin production on Wednesday of next week since they’ve come to the Saab on Tuesday this week,” said Gunnar Brunius, Purchasing and Production Manager at Saab Automobile to DI.

On Tuesday, he initiates the process of agreeing with Saab’s 800 suppliers so that they start to deliver the components again after a six-week shutdowns.

The major suppliers, including IAC, Sweden, Plastal and car seat manufacturer Lear, are invited to personal meetings, while many other contacts are handled through e-mail.

“Many of them will certainly take up demands for immediate cash payment, or nearly so,” said Svenåke Berglie, president of Automotive Component Group [FKG].

The plan is that Saab will begin production at a level of 230-240 cars per day.

This may be optimistic, but for Gunnar Brunius to give a mid-next week target date, they must be reasonably confident that they can make it.

Production will resume in one week

Good news everyone!

Fellow crew member Tompa reports that several Djup Strupes (what we call our informants here, the literal Swedish translation of Deep Throat) confirm the production will get started again in a week.

It will take a few days to re-calibrate the robots and get everything sorted. I am not sure how much information on the suppliers’ situation exists at this moment. TTela reports that IAC have been forced to post notice to their employees already. We can only hope they can get back up to speed soon.

Buy new F5 keys now before the supply runs out.

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