NEVS news

[Finding41]

Welcome to Dongfeng Motor Corporation
These guys seem to make every type of vehicle...? Check out there product lines!
I would love to see the original agreement that NEVS has with them. It looks like DFCM is not keeping up there end of the deal. I think they have been just playing a game.
Check. Your move NEVS.
Last I herd it's really tough to sue a Chinese company...

[Gepe]

Just had a look at their privacy policy - Privacy - I think they have a problem with the language! (much better than my Chinese). Perhaps this is the root of the problems?
TTFN

[jack_w]

What a sad turn of events. But, then... My granddad worked for Lozier in the 1900s then went with Chandler when he left Lozier to form his own company and went with him when the company moved to Cleveland. Then my granddad was at dock when Chandler returned from a vacation in Europe and was told he had been bought by GM.

[Gepe]

Jack, hope these tails are not enough to put you off buying a SAAB.
TTFN

[SaabWorld]

News from NEVS:

To create more time for negotiations Nevs applies for reorganization

The Board of Directors of National Electric Vehicle Sweden AB has today, August 28, 2014, decided to apply for a reorganization to create more time for the ongoing negotiations. The application has been submitted to the district court in Vänersborg, Sweden.

“The tripartite negotiations we have with two global vehicle manufacturers are still progressing, but are complex and have taken more time than we predicted. We need additional time to complete the negotiations and reach an agreement. Therefore, we apply for a reorganization. We intend to fully pay our debts to our suppliers”, said Nevs’ President Mattias Bergman.

Nevs has about 400 suppliers of direct materials and 500 suppliers of indirect materials. The vast majority of these have chosen to await the outcome of the ongoing negotiations. Some creditors have filed applications for an order to pay at the Swedish Enforcement Authority.

The upcoming activities from the Enforcement Authority may involve mandatory sale of assets that are supposed to be included in Nevs’ agreement with above mentioned vehicle manufacturers. Loss of such assets could obstruct finalizing a contract with them. To get more time to complete the negotiations, Nevs filed for a reorganization today.

Nevs proposed Mr. Lars Eric Gustafsson, Attorney at Hamilton law firm in Stockholm, as administrator during the reorganization period.

[SaabWorld]

From Vänersborgs District Court:

NEVS AB
2014-08-28


DECISION IN QUESTION OF RECONSTRUCTION FOR NEVS AB

Vänersborgs District Court today decided to reject the National Electric Vehicle Sweden AB`s application for reorganization.

The district court determines that the information in NEVS application for the intended financial solutions appear to be vague and is completely undocumented. There is no such reasonably precise information on the funding needs over time, and when and in what amount funds may be received.

The District Court also considers that it is clear that NEVS not have secured liquidity to meet its obligations under reconstruction. NEVS has not provided such information to the realism of the company's expectations to fulfill obligations can be assessed.

Source: Vänersborgs tingsrätt - NEVS AB

[SaabWorld]

From Victor Jensen at P4 West:

Nevs may no longer sell and produce cars under the name Saab. Defense group Saab AB has withdrawn the law. Nevs but must now negotiate the license agreement and believe that it will be successful.

Posted at 08:00
Updated, 12:05 pm

After Nevs yesterday filed for reorganization with defense company Saab AB has chosen to withdraw the right of the car manufacturer to use the Saab brand.

Sebastian Carlsson, Head of Saab AB, refusing to answer questions about the decision and he does not want to leave any more comments than what the decision is.

When Nevs bought large parts of Saab Automobile's bankruptcy in summer 2012 the company signed an agreement with Saab AB for the use of the Saab brand, but now the defense group withdrew the right of the car manufacturer to use the brand.

P4 West Nevs have searched without success. But the company says the brand in its new reconstruction application.

"Nevs disposes currently Saab brand for sales of cars through a license agreement. Agreement shall be due to the current notice renegotiated as part of the reconstruction to continue utilized in the reconstructed Nevs with new principal owner, which the Board and management in Nevs deem entirely possible . "

[SaabWorld]

And in other news from NEVS:

The District court approves Nevs’ application for reorganization


The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB.


The District court has appointed Mr. Lars Eric Gustafsson, Attorney at Hamilton law firm in Stockholm, as administrator during the reorganization period.

[Dave T]

From Victor Jensen at P4 West:

Nevs may no longer sell and produce cars under the name Saab. Defense group Saab AB has withdrawn the law. Nevs but must now negotiate the license agreement and believe that it will be successful.

Posted at 08:00
Updated, 12:05 pm
"

Sadly to say, the entire value of NEVS depends on the Saab name. I don't think it can sell cars in China by advertising them as "NEVS, built and designed in the former Saab factory". A name has tremendous value. Cars like the Hyundai Genesis struggle for recognition.

[nordwulf]

NEVS and a future owner/partner loosing the rights to the Saab name is some good news for a change. First, the brand has been through enough in the last 3 years and value seems to be very low. Or even negative as there isn't much trust left in the brand for the avarage customer.

Second, it will be a good test to see if Saab enthusiasts will still follow NEVS if they put a NEVS or Mahindra badge on their vehicles. Pretty much the same as BAIC does on their Saab EV.

And third, NEVS never really seemed to care about the brand heritage or Saab's previous customers. Say what you will about Muller but it was good to see he really cared about Saab unlike GM and NEVS.

May this be the end of Saab so there can be some closure for the brand and not end up like Rover.