Things at SAAB seem to be picking up following a toss-up in various stages of bankruptcy through multiple ownerships.
At first, it seemed the company was rescued from being bust and liquidated from GM’s portfolio during the 2008 restructuring, since National Electric Vehicle Sweden acquired the battered automaker to try and resuscitate it back to life. But NEVS themselves couldn’t handle SAAB’s overwhelming debt and thus, teamed up with Chinese firm, Dongfeng, to build some new EVs, and ultimately, some new SAAB cars.
But first, SAAB needs to fulfill a massive order just placed by Panda New Energy Co., Ltd., to make 150,000 EV sedans based on the old, but last 9-3 sedan platform.
In an attempt to get SAAB back into making cars again, NEVS plan was to start making the last 9-3 sedan again, but again, NEVS went bankrupt just trying to do this by taking care of SAAB’s debt first.
Now, it seems the company can begin to fulfill this plan more or less by building these 150,000 9-3 EV sedans, for specific use by the company. The deal amounts to a total value of around 78 billion Chinese yuan, or $12 billion USD.
Nonetheless, it might be chump change for massive automakers, but it’ll at least help pay for some things. And we hope it kick-starts SAAB’s rebirth.
Thursday, December 17, 2015
Nevs has signed a Strategic Collaboration Agreement with Panda New Energy Ltd., about 150,000 9-3 Sedan EV
National Electric Vehicle Sweden (Nevs) and the Chinese company Panda New Energy Co., Ltd. have signed a strategic collaboration agreement. According to the agreement, Nevs will provide Panda with 150,000 9-3 sedan electric vehicles until the end of 2020. In addition, the agreement also includes 100 000 other EV products and services from companies associated to Nevs and its owners. The total value of the agreement is 78 billion RMB.
Panda New Energy is a new energy vehicle leasing company with focus on low emission mobility solutions. Cooperating with many chauffeured car service platforms in China, Panda aims to become one of the biggest EV leasing companies in the world.
“This is a strategic collaboration for Nevs not only in terms of the numbers of vehicles, but it is also an important step to implement our vision and new business plan. In the long term, we want to provide our customers with both sustainable products and mobility services,” said Stefan Tilk, Vice Chairman Nevs.
”We are very pleased to form a cooperation with Nevs, a company with a rich innovation heritage and the right ability to fulfil our demands. Being in an emerging market for new energy vehicles, we are happy to find a partner who shares our commitment to the environment,” said Ma Chao, Chairman Panda New Energy.
National Electric Vehicle Sweden AB’s (Nevs) vision is to shape mobility for a more sustainable future, and focuses on the development of electric vehicles and sustainable mobility services. Nevs acquired the main assets of the former Saab Automobile in 2012. Nevs is Co-owned by National Modern Energy Holdings, Tianjin Binhai Hi-tech industrial Development Area (THT), and the Beijing State Research Information Technology Co., Ltd. (SRIT).
– By: Chris Chin