It's quieter at the turn of the year, but there's always room for a little drama. Things happen in Trollhättan that might be considered strange. NEVS is looking for new employees after a recent mass layoff. The question of why this is so seems difficult to answer at first glance and could end in positive speculation. But this is not the case, as a closer look at the situation shows.
New jobs in Trollhättan
NEVS wrote around 20 at the beginning of the month new jobs which were already advertised in a similar form in autumn. Then came the mass layoffs as a result of the Chinese ownership crisis. Around half of all employees had to leave. Now NEVS is again looking for engineers and software developers for autonomous driving. The application deadlines for the various positions end in mid to late January.
NEVS seems to be able to (or want to) continue existing projects at least to a smaller extent. Money to do so is after the sale of the Meneko shares to Koenigsegg, available for a plannable period of time.
Anyone who had hoped for good news from Trollhättan at the end of the year will have to wait some more. Perhaps the longed-for news will never arrive. NEVS owner Evergrande is stumbling through a debt tsunami, most recently a state-run risk management commission moved into the headquarters in Hong Kong. Another tool used by the Chinese state to avoid bankruptcy. This could have a fatal effect, since alongside Evergrande competitor Kaisa, the alleged number 2 among Chinese real estate groups, is in a similarly desperate situation.
Further in the downward vortex
The electric car plans and their realization are open, Evergrande Auto (HK 0708) stock has seen speculatively motivated massive moves in both directions in the past few days. According to the current status, the start of production in January does not seem likely, because the production license for Hengchi 5 LX was (allegedly) not granted.
In order to escape the downward spiral of the Evergrande Group, NEVS is looking for new investors. They should, like CEO Stefan Tilk P4 Väst announced, are available for takeover. But the Evergrande Group refuses to let NEVS go. NEVS remains caught in a downward spiral, the available funds are finite, the company does not generate significant income to cover costs. The danger of sliding into doom with Evergrande is just as real as more months of crippling standstill.