Swedish car makers NEVS and Koenigsegg are forming a strategic partnership, enabling the development of parallel vehicle models in slightly higher volumes with emphasis on electrification, as well as strengthening growth opportunities in the hyper car segment.
NEVS is making a capital injection of EUR150m, taking a 20% minority stake in Koenigsegg's parent company.
Additionally, the parties are forming a joint venture to expand into new market segments where NEVS is contributing US$150m in starting capital for a 65% stake and Koenigsegg obtains 35% by contributing primarily with intellectual property, technology licences, and product design.
The partnership will deepen an already existing collaboration between NEVS and Koenigsegg. Koenigsegg already has a unique market position for hyper cars, and through the additional joint venture NEVS and Koenigsegg are partnering up to develop a product for new and untapped segments, leveraging both companies' strengths.
Through NEVS production facilities in Trollhattan, Koenigsegg will access additional capabilities as well as benefiting from the extensive automotive knowledge in the region, whilst maintaining their base in Angelholm.
Alongside NEVS capacity for production in Trollhättan and China, NEVS through its majority owner Evergrande, has a wide distribution platform and channels through ownership in one of China's largest car retailers. Last week, Evergrande announced the acquisition of 58.07% in automobile battery maker Shanghai CENAT New Energy, a $156m deal.