SWEDEN: NEVS silent on exit rumours from Saab buy
By Simon Warburton | 28 August 2012
Mystery continues to surround widespread speculation in Stockholm that National Electric Vehicle Sweden (NEVS) is about to pull the plug on its proposed buy-out of bankrupt Saab.
NEVS has played a coy game for the past couple of months, constantly insisting to just-auto the deal for Saab would be completed "during this summer," but rumours are now swirling around Sweden the agreement could collapse as early as this week.
NEVS has declined to reveal what price it was due to pay for the Trollhattan automaker, but sources in Sweden indicate it has apparently encountered funding challenges, although no-one at the consortium was able to confirm if that was the case.
The speculation also comes hard on the heels of yesterday's (27 August) announcement by Chinese manufacturer, Youngman, it intended to pump a significant financial injection into former Saab owner, Spyker.
"Obviously now the value of the bankruptcy estate...is now falling," the Swedish automotive source told just-auto. "It will be a lot less than a few months ago. If the talks are failing, Youngman [could] probably step in and buy the estate without the brand name.
"If it is true they are not able to support the agreement, it will be very strange. But since it was signed, you can see the downturn in the economy."
NEVS was dealt a huge blow recently when lorry manufacturer, Scania, refused to allow its Griffin logo to be used, citing fears of Chinese brand piracy.
"There is a Chinese buyer and in China you see copies of several brands - we don't want to see trucks with our symbol on," a Scania spokesman from the truck maker's headquarters in Sweden told just-auto.
"There are a lot of brand pirates in China - I don't say NEVS has that intention...so to be sure there is no risk we say 'no thank you.'"
Neither NEVS nor Saab's administrators in Gothenburg was immediately available for comment.
Sectors: Regulations, Vehicle manufacturers, Vehicle manufacturing
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