NEVS applies for reconstruction

Update 10: 25 clock / 15: 31 clock

Almost at the same time as the drama 2011, NEVS is making its way to Vänersborg and applying for reconstruction!

National Electric Vehicle Sweden AB
National Electric Vehicle Sweden AB

The company wants to gain more time for the ongoing negotiations with two possible partners.

NEVS intends to propose the Stockholm lawyer Lars Eric Gustafsson to lead the reconstruction. For NEVS it is the very last chance and it is not certain whether the court in Vänersborg will uphold the request. Although the company is much smaller than Saab Automobile AB at the time, the negotiations are also said to have progressed further and the liabilities are far lower.

But - that is the question that the court has to answer: does NEVS have a viable business model? And what is there to renovate? No product, no production, no customers, no sales network, no after-sales. Hmm ... NEVS is optimistic. I am not ! The judges' assessment, their answer will be instructive!

If the District Court approves the step into the reconstruction process, then the state wage guarantee applies to the employees. At least at this point there would be an all-clear.

In the meantime, the liabilities that NEVS has accumulated became public. 400 million Swedish Kroner, 43,6 million €, are therefore open. NEVS has consistently emphasized in the past that asset values ​​would far exceed liabilities. The question arises as to what a property could be worth if nobody builds vehicles there.

NEVS assumes that it will be able to settle these debts completely with the sale of the unfinished Phoenix platform, which is outsourced to a development company. Negotiations are ongoing.

Text: tom@saabblog.net

25 thoughts on "NEVS applies for reconstruction"

  • to update 15: 31:

    NEVS talks about the Phoenix platform (hybrid and electric drive concept) being of enormous value? I can not believe that after the presentation in the field. That's just a bluff again?

    Sorry, NEVS, but at some point you also have to show a product, be it just the platform to sell something ...

  • No matter who takes over Saab! Who still has confidence in the brand ?! First came Koennigseg, looked and disappeared, then Muller, what happened there is known or not! But kit started with a lot of panache and then the bubble burst! then NEVS, same procedure! The next request ?! No thanks! I take care of my Saab until it can no longer or I no longer want! But if there is a new car, it will not be a Saab! The people who made up SAAB are all gone and, if they are smart, will not come back! What constituted SAAB no longer exists, so the brand has long been dead!

  • zu wfg - I once wrote to the board of VW….

  • Honestly, I think you should and shouldn't accuse NEVS or any takeover like M&M of doing something wrong here. Of course, the company taking over wants to pay as little as possible and of course NEVS, or rather its shareholders or owners, does not want to lose even more money. For me it is the fault of those who allowed the completely lifted and hot-air model from NEVS as the new Saab owner!

    In my opinion, Saab's only chance is in the bankruptcy of NEVS and a takeover by e.g. M&M, which has no nonsense in its head but wants to bring Saab on an economically secure footing. And by that I don't mean speculating on dubious money from China through even more dubious (EV) models, but cassian Saabs that sell in Europe, USA.

    Honestly, Saab has to be in a big carmaker where it can afford to sell top cars as its premium brand, without necessarily squinting on the profit. That's the only way Saab gets back on his feet.

    So I hope that the court is finally thinking economically and not believing NEVS 'legends. The broken pieces will be picked up, I'm quite sure ...

    • That's the way it is! Now of course you can ask yourself whether M&M would be suitable. There are always 2 interested parties in the room that the second interested party belongs to the big car manufacturers, but I don't think so. I don't count Mahindra either.

      So you can ask again, whether it can go well in the long term, even with a new owner. (according to previous information)

    • >> The broken pieces are picked up, I'm quite sure of that ... <> Saab has to go to a large car company where, as its premium brand, it can afford to sell top vehicles without necessarily looking at profit. This is the only way to get Saab back on its feet

      Assuming SAAB is known at all, many now think more likely to a relatively old and relatively small 9-3 or just to young and old-timers. Since the 9-5 II has a rare value and the market launches of 9-4X and 9-5 II SC have narrowly failed, hardly anyone associates modern premium vehicles with the brand.

      Who on which board of directors should fall for the fixed idea, he could benefit from SAAB in the portfolio? Especially if he should not squint on the profit?

      That would please me and you, but it will not happen for a long time. I think it is completely out of the question.

      • @ Herbert:

        I can fully understand your arguments ... BUT ..
        Please take a look at what happened in the watch industry around 15-20 years ago. Rich no-name companies (in the sense of being recognized as premium manufacturers) have started to buy up the “old glorious” names / companies and to rebuild them with their money and their know-how. Today Swatch, VDO, etc. make a fortune with these former bankrupts.

        The same applies to VW. Here you should also my VW would be enough, but one drives excellent name shopping.

        And so I HOPE that such a big player of mass products wants to adorn themselves with the name ... so many names that are still known are no longer free because VW is buying them all 😉

        But, unfortunately, you could also be right ... sigh

  • With more time, the substance of NEVS is not bigger! It does not reveal to me what it would still have to reconstruct at NEVS, except that those with state wage guarantee can continue to gamble. It's time to end this unworthy tragedy.

  • Almost from the time that GM was in charge of SAAB, unfortunately, it is a recurring theme throughout SAAB's history:
    Ingenious engineers are constantly developing new ideas, are able to implement them almost until they are ready for the market and are then slowed down by managers and accountants for reasons that only become apparent after reading Peter Noll's “The Little Machiavelli”. The result: Year after year at the SAAB stand at the Geneva Motor Show, innovative studies can be marveled at, which many would like to buy immediately and whose chances on the market simply because they are at least two noses ahead of their time , presumably large to very large, which then, at the behest of “from above”, may not be further developed to readiness for series production ... what a tragedy!

    • It has been a long time since we introduced new, innovative and desirable products from SAAB. And the fate of SAAB is still determined not by brilliant engineers, but continue to be of managers, accountants and to make matters worse now also of lawyers.
      BUT: of course the whole thing also has its positive side; it can only get better again (everything else is hard to imagine :-)) if there is a future for SAAB ... and as a hopeless optimist, I am still convinced of it.

  • The end of NEVS - very likely! Why should the judges decide differently after the course of the last 2 years and most recently the field presentation? It is also about people whose wages can no longer be paid. It should be played with open cards, because it cannot go on like this.

    As time advances, it becomes less attractive to potential buyers / investors. To be honest, I would also be interested in registering for a ridiculous price, if at all.

    One thing is certain: NEVS has also gambled and bluffed. I would not want to buy a NEVS Saab in the future. So I hope that NEVS will fly out and maybe clear the way for a new owner, which is very unlikely.

    So I continue to enjoy the Saab 9 5 II NG Aero, which visually represents the highlight of Saab history and at the same time the sinking. Maybe it should stay that way. A myth. Like the Phoenix.

  • Still TOPAKTUELL: Use what's in front of the door!
    In Trollhättan there is an ugly “L …… fledderei” going on! A tragedy as Steve described it.

  • In any case, I don't feel like new owners who are tacting and dragging out in this way (this is the reason for the reconstruction) - as a future customer (if a halfway positive negotiation with NEVS should come about at all) you no longer schedule me firmly.

    I will probably not have this view of things alone - Mahindra (still with a question mark) & Co. are now clearly overbearing!

    The decision of the judges is for me only secondary.

    • The M&M are pushing it too far - no takeover works like this ...

    • No Detlef, you certainly are not alone with this view of things. Complete agreement!

      Who is so SAAB-obsessed that he or she would be completely indifferent to who uses the name for what and when? I do not know anyone there.

      Should someday stand on any new car SAAB,
      so it would have to be a typical SAAB again (but in line with the times) to comfort you over all the smashed porcelain ...

      For this it would need an investor with (SAAB) loaf and (SAAB) soul and money. If it existed, one would agree. Everyone else can and should do without.

      Terror without end?

  • The end of NEVS!

    • But not the end of SAAB! NEVS tries to gamble, or to save what can still be saved! Either the interested parties are not interested in a continuation, or there is so little to get that they do not fear the bankruptcy of NEVS! What a tragedy of gigantic proportions - the wages were certainly not paid ...

      • That's what I meant. If NEVS is unable then they should go and clear the way.

    • No problem? And what happens if the judges say no?

  • Hello Tom, I do not know exactly how my reaction should be.
    Does one know when the judges will testify?
    Is the happy ending a bit closer ... or the RIP closer ... who knows ...

    • The reaction from Vänersborg is still expected today. Updates come as always on the blog. Maybe it's the end of NEVS, what we're experiencing now. Not necessarily the end of car production in Trollhättan or the end of Saab.

      • The possible new owners are only looking for that - devaluing NEVS and ultimately buying a traditional brand as a snapper pearl.
        NEVS is of course holding on to the sinking ship - but apparently there is nothing to save.

      • If rejected by the court, it will most likely result in NEVS going bankrupt. I can't imagine then, however, that SAAB AB will give the brand name SAAB to any “corpse fledderer” - there seem to be no more serious interested parties.

        In this case, SAAB would have disappeared from the scene - at most, the PHOENIX platform would then possibly be turned into cash and possibly used in other brands.

        • Exactly that seems to be emerging ... neither serious interested parties nor SUITABLE. What is missing is perspective ...

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