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Evergrande Takes Control of Saab Maker
Chinese property developer Evergrande Group has paid $930 million to gain a 51% stake in National Electric Vehicle Sweden, owner of the assets of bankrupt Saab Automobile AB.
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Chinese property developer Evergrande Group has paid $930 million to gain a 51% stake in National Electric Vehicle Sweden, owner of the assets of bankrupt Saab Automobile AB.
NEVS acquired Saab’s factory in Trollhattan, Sweden—but not rights to the brand name—in 2012. It began building an all-electric version of the Saab 9-3 Aero sedan in Tianjin, China, at the end of 2017.
Evergrande has been determined to expand into the EV market. The company most recently settled a dispute over its pledge to invest $2 billion in California-based EV startup Faraday Future Inc. The deal scrapped the original investment plan but gives Evergrande a controlling stake and 2% of Faraday’s preference shares.
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