National Electric Vehicle Sweden (NEVS) says it is now debt free after making the second and last payment to 106 creditors today (9 September) of SEK231m (US$27.4m).

NEVS exited reorganisation in April this year with a composition proposal approved by 98% of creditors.

“Being debt-free gives us stability to continue building relationships with industrial, financial and technological partners, who are significant when it comes to develop and implement our business plan,” said NEVS president, Mattias Bergman.

“To be able to make these payments earlier than agreed was important for us.”

This May, NEVS unveiled the city of Tianjin (THT) and State Research Information Technology (SRIT) as its new shareholders.

The injection from the new investors has been implemented as planned.

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The Tianjin manufacturing plant, which will be NEVS’ second global production base focused on EVs, is under construction, as a complement to the Trollhättan Factory in Sweden.

NEVS also inked a cooperation agreement with Dongfeng (DFM) last month to achieve what they refer to as global industrial synergies.

NEVS started working with Dongfeng on complete vehicle development projects with both companies now saying they will expand their cooperation to further business areas such as global purchasing and the distribution network.