SAAB News: Faraday Future Investor Aquires 51% of NEVS

[Drew Dowdell]

On Wednesday, NEVS AB announced that it has a new owner. Evergrande Group's subsidiary, Evergrande Health, the main investor in Faraday Future, has acquired 51% of the share of NEVS AB. NEVS bought the remnants of SAAB after Spyker, Saab's prior owner, went into bankruptcy. 

NEVS has been using Saab 9-3 bodies to build electric vehicles for China.  They have manufacturing plants in Tianjin China and Trollhättan, Sweden with another under construction in Shanghai China.

NEVS AB was founded in 2012 by Kai Johan Jiang when he bought the bankruptcy estate after Saab Automobile. Since then he has been the major owner of the company. Kai Johan Jiang will hold the remaining 49% of shares through his NE Holding company.

Faraday Future and Evergrande settled a dispute over shares earlier this month that had put the future of Faraday Future in jeopardy.  Evergrande settled by reducing its stake in Faraday from 45 percent to 32 percent.  

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[David]

Crazy that they are still using that old SAAB Body.

[Drew Dowdell]

17 minutes ago, dfelt said:

Crazy that they are still using that old SAAB Body.

Why? They were known for safety.

[David]

59 minutes ago, Drew Dowdell said:

Why? They were known for safety.

No disagreement about safety, I just would have thought they would have wanted a nose that reflected them than continue to use the old SAAB Nose.

[Robert Hall]

5 minutes ago, dfelt said:

No disagreement about safety, I just would have thought they would have wanted a nose that reflected them than continue to use the old SAAB Nose.

That would require investment...looks like they spent a few bucks on a new grille and badge. 

[Drew Dowdell]

37 minutes ago, Robert Hall said:

That would require investment...looks like they spent a few bucks on a new grille and badge. 

NEVS hasn't had much in the way of investment until now.