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More Woes for Saab Brand Owner
National Electric Vehicle Sweden AB, the China-backed company seeking to relaunch the Saab car brand, tells The Wall Street Journal it has run out of money to pay its suppliers.
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National Electric Vehicle Sweden AB, the China-backed company seeking to relaunch the Saab car brand, tells The Wall Street Journal it has run out of money to pay its suppliers.
NEVS acquired bankrupt Saab in 2012 and began low-volume production of conventionally powered 9-3 sedans late last year. But it halted output in May after running into its own financial problems.
The company has 3.6 million kronor (€393,000) in overdue payments recorded by the Swedish Enforcement Authority, according to the Journal. The newspaper reports the agency is processing another 91 claims worth at least that much more.
One of NEVS's suppliers, Labo Test, has withdrawn a petition to declare the company bankrupt because of its failure to pay a 150,000-kronor (€16,400) bill.
NEVS had hoped to launch an electric Saab model this year. The company tells the Journal it is in talks with unidentified carmakers about jointly developing new models and/or taking an ownership position in the struggling operation.
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