National Electric Vehicle Sweden (NEVS) says it still remains in discussion with two potential Asian partners to become a main owner, despite securing fresh investment from China.
New ‘part-owner’ Tianjin Binhai Hi-tech Industrial Development Area (THT) will inject US$200m into the Swedish automaker as it looks to build a new factory in China within two years for its EV breakthrough, while the Beijing State Research Information Technology Company will also have an involvement.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Swedish automaker is slowly progressing towards securing a more stable financial future following its exit from reorganisation in April, after a composition proposal was approved by the District Court of Vänersborg the previous month.
From a supplier perspective, 469 NEVS creditors out of 573 will be paid in full, but those component manufacturers will also be looking to a future main owner to secure a long-term future for the vehicle manufacturer, with speculation centering on two possible Asian investors.
“Both parties are interested in having continuous dialogue, but we are not at the moment discussing anything concrete,” a NEVS spokesman told just-auto from Sweden. “We have non-disclosure agreements. [This THT investment] is the first step.”
The spokesman added the China plant “will be built from scratch,” with a focus on electric cars for the local and neighbouring countries markets.
“We are looking at electric vehicles, battery electric vehicles with range extenders, but actual model plans for the future [are] not set yet. We will have a good capacity of course, but we can’t estimate any year [ly] production.”
Scandinavian supplier body, FKG managing director, Fredrik Sidahl previously told just-auto from Gothenburg the reorganisation exit made it more likely to close any deal with the two Asian companies.
“It must be much easier to have negotiation with a buyer if you are in a normal situation and not in a bankruptcy situation,” he said. “It is simple. You don’t want to talk to anyone in a bankruptcy situation, but now they are in control.
“Our members are optimistic – they [NEVS] paid out 60% of the total debt and it is far more than normal in Sweden. The supply industry in Sweden wants another OEM.”
