Koenigsegg AB ends joint venture with NEVS

Big changes in Sweden. Koenigsegg AB ends its joint venture for the production of the Gemera with NEVS. The company from Ängelholm buys back the 65% share of NEVS AB and takes over the joint venture with the name “Meneko” completely. Koenigsegg thus secures the production of the brand's Super GT.

Koenigsegg Gemera - from Ängelholm from 2023
Koenigsegg Gemera - from Ängelholm from 2023

Koenigsegg takes over Meneko completely

The joint venture was in January 2019 closedn been. Koenigsegg and NEVS agreed the development and production of vehicles with alternative drives. The focus was on electrification, CO₂ neutrality and a higher production volume.

Parts of the former Saab plant were to be converted for the production of components, Koenigsegg invested heavily in the expansion of the plant in Ängelholm. While the expansion in Ängelholm continues, the components plant in Trollhättan now seems to be a thing of the past. NEVS is sinking deeper and deeper into the vortex of the crisis surrounding owner Evergrande. Fulfillment of all obligations in the “Meneko” joint venture should no longer be guaranteed.

Christian von Koenigsegg (CvD) thanked the employees of NEVS AB for the excellent cooperation. He emphasized that he would like to continue this with further projects.

Gemera from Ängelholm from 2023

For Koenigsegg, the Gemera, which is to be produced in Ängelholm from 2023, is a big step in the company's development. For the first time, 300 units of a model are to be produced. More than ever before in the history of the Swedish sports car manufacturer. Koenigsegg now employs around 500 people, while the former partner has to reduce the workforce to around 300.

For NEVS, the latest development is an additional setback. The company, already marked by the massive downsizing and the crisis of the Chinese owners, is losing another asset. However, it still has a 20% stake in Koenigsegg AB.

With images from Koenigsegg AB

8 thoughts on "Koenigsegg AB ends joint venture with NEVS"

  • Presumably, in the course of the mass layoffs, NEVS will no longer be able to meet all of its obligations towards Koenigsegg. The arguments why the company should survive in the long term are becoming fewer and fewer.

  • ... a mighty vortex downwards acts z. Currently at Göta Älv. Not nice at all.
    CvK escapes to the safe shore ... and SONO Motors ???
    Hopefully it doesn't stop with the vision of moss panels in the cockpit ...
    Not to mention the economic. Trollhättan location. For 10 years have been struggling for the future of a place. Nice looks different here too. Hard info at the beginning of the week. Thanks anyway.

  • ... well Koenigsegg has more insight into whether the horse is already dead. There is little hope for a good development in Trollhättan and not in China either

    • Well said.
      And also little hope for Munich ...
      Once a horse is dead, he can't even plow the field of contract manufacturing for Sono Motors ...
      If CvR can buy the majority (65%) of NEVS AB in the joint venture, that speaks volumes.
      The statement by CvRs that they are looking forward to further projects with NEVS AB was part of the negotiations and certainly pushed the price down for the 65% stake in Meneko. NEVS is apparently with its back against the wall, has financial problems as well as the fact that it has not met contractually agreed obligations within the framework of the joint. They simply had to give up their very prestigious majority stake against their will. CvR could freely dictate the terms ...

      I would like to know how many millions of SKR it ultimately cost NEVS AB to get a friendly and certainly contractually agreed statement from CvR for the supposedly provisional - but probably much more final - farewell.

      • I think you have to look at the situation soberly. NEVS reduces the costs where it is only a question of “hibernating” until (perhaps) a buyer or investor is found. The company has had some practice in these matters, and KJJ had a very tough time before Evergrande joined.

        The other question is whether the “overwintering” will be successful. Interest in the Trollhättan location is likely to have decreased significantly in recent years.

        • Well said too.
          The problem with wintering is that the more exercise you have, the less bacon or canned food you have left for the next ...
          NEVS never had a summer, had no harvests. I read the latest news that the cannibalism phase has begun. That too can end in a rescue. Very, very unlikely, but theoretically still an option.

          CvR turns away in time because he can and wants. If Sono Motors doesn't do that, it probably says more about Sonos 'own need than about NEVS' capacities. Unfortunately.
          Koenigsegg is the only automobile manufacturer in this strange quadriga. Whatever happens to Evergrande, the three wannabes can no longer help each other and each other with declarations of intent without delivering cars. From the CCP to the German crowd (a very strange alliance, by the way), most of them are now in agreement. Actually, good news that Koenigsegg is pulling out of it.

          • I don't dare to make a forecast with Evergrande or NEVS (please read blog tomorrow - interesting). CvK acts consistently, waiting and hoping are not an option.

            • "please tomorrow (…)"

              But of course. It's always interesting here.
              And for the moment I can't think of anything myself. I'm really looking forward to the new input.

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