After almost exactly 8 years - the end of an era. NEVS founder Kai Johan Jiang is leaving the company after selling his remaining stake in Evergrande. It is not a complete farewell, because he remains connected to NEVS as a consultant.
Last held founder Kai Johan Jiang still around 17% of the shares. With the sale, the Evergrande Group is now the sole owner of NEVS and the former Saab properties. In an interview with Sveriges Radio Jiang stressed that the shares were inevitable. He could not keep up with the upcoming investments worth billions, his personal mountain of debt would continue to grow.
With NEVS, Jiang took over some remnants of Saab Automobile AB in the summer of 8 years ago. At that time he had surprisingly been awarded the contract. Exciting times followed, which were repeatedly characterized by financial bottlenecks. The background of the founder, who the employees describe as a rousing visionary, always remained somewhat blurred. One of the highlights was the short start of production in December 2013. The subsequent crash was all the more violent and led to the loss of the rights to the Saab brand name.
No production in Trollhättan before 2023
Today, 900 people work for NEVS in Trollhättan, and around 5.000 in China. The future of the location should be secured. Evergrande has committed to continue funding, according to NEVS CEO Tilk. The focus of the development is still on the Chinese market. The first ever Evergrande electric car is expected there, the presentation of which has been delayed by the corona pandemic. However, it can take another 2 years to produce on a larger scale.
According to CEO Stefan Tilk, new owner Evergrande sees the value of the plant in Trollhättan. but until there is a new production, 3 years will pass. Before 2023, the NEVS CEO does not expect new vehicles from the former Saab halls.
Addendum: The above article specifically refers to the mass production of NEVS - Evergrande vehicles in Trollhättan. A possible order production for third parties at an earlier point in time is not addressed.