NEVS news

[Gepe]

It is some kind of closure and that must be good. As Wulf said the brand image was very low - not as bad as Lada or early Skoda i.e. before VW bought it - but almost 'mainstream' bad.
If they were to manufacture cars for Europe and UK markets with all the SAAB attributes I feel that some would buy them regardless of the name. This is a lot to ask these days - whole new marketing / sales force to develop and all that would entail - As they say "A real BIG ASK"
No car company deserves to end up like Rover.
TTFN

[SaabWorld]

Press release from NEVS:

Nevs announces intention to lay off up to 200 employees due to lack of work, as the decision to re-start production will be further delayed.

Nevs has retained the permanent workforce for production since the production was stopped in the end of May this year. The reason for this has been that the company would be ready to quickly start up production, upon such decision.

The prerequisites for making a decision to start up production are to have long-term secured funding and a business plan that has been worked through together with a new majority owner.

The ongoing discussions on collaboration and ownership structure, which has not yet resulted in a binding agreement, indicates that the decision for a start-up of production will take time.

With this there is a redundancy of the workforce. Therefore, Nevs’ management has decided to hand in a notice of intention to lay off up to 200 employees to the Swedish Public Employment Service.

The terminations will take place in September in order to rapidly reduce the company's costs during the reorganization period. This is a step in the reorganization plan that the administrator will present on the creditors meeting on October 8.
Nevs intends to retain the remaining staff to maintain the plant in good condition, to be prepared for the new production, after such a decision is taken, and to continue developing new products.

[Gepe]

Looks like a bumpy ride ahead for these poor folk!
And no news about any other parties still having any interest in the factory either.

[Dave T]

I rarely read Saabsunited anymore because Saab is in a coma. I did peek today and they report that NEVS is building about 100 cars in the near future. However, they are not restarting normal production but simply finishing the cars that are on the production line.

[nordwulf]

I was reading that on SVD as well. Not sure who is going to buy them because when you search blocket.se, there are still quite a few for sale and dealers start discounting them. And NEVS may or may not be around in a few months. I am sure dealers won't order them.

Nevs bygger bilar i Trollhättan igen - P4 Skaraborg | Sveriges Radio

Although Nevs is in reorganization and has major economic problems, the company will now still building cars. It is about the automaker will complete over 100 cars, which then will go on sale in the coming months. And this is a way for companies to raise money.

- The cars are still 14 model year from when production was stopped. Now we are pursuing another hundred cars coming onto the market, says Nevs CEO Mattias Bergman P4 West.

It is not about a start of series production was stopped in May last year.

Since the prospective new owners, according to data Mahindra, still has not decided whether to fund Nevs during the reconstruction needs carmaker raise money in other ways.

The reason for the deal with Mahindra has dragged on is that the issue of Nevs'll use the Saab brand is still not resolved.

Even now it is clear that Nevs have the money needed to get by in February out. There is now money for salaries and taxes, for example.

Nevs CEO Mattias Bergman says that the company gets the money in several different ways.

- Full funding of operations, until we have new owner, comes from our existing major shareholders plus the revenues that we have ourselves. We have spare parts company and we do a lot of work in our laboratories and our technology development center for other bilbolag too. We have income, but the gap between revenues and our expenses fill our current owners up month by month, says Bergman.

So now you have the money needed to cope February?

- Yes, replies Bergman.

Negotiations to get a new owner drags on helping to Nevs will probably apply to reconstruction shall be extended when it ends in early March.

- We will most likely need to have an extension. Although we have completed negotiations during this period, so it's also about getting out of the reconstruction. That is, to make up with all suppliers. We estimate that it will require more time and that we therefore likely to apply for more time in reconstruction, says Mattias Bergman.

[SaabWorld]

Press release from NEVS:

A composition to get Nevs out of reorganisation

Thursday, February 19, 2015

National Electric Vehicle Sweden AB, Nevs, provides unsecured creditors a composition proposal in order to exit the reorganisation. It creates the conditions for completion of ongoing negotiations with two major OEMs and the implementation of a new business plan together with partners and owners. Nevs’ owners and management has noted the difficulty of completing this type of complex negotiations during a reorganisation and the risk premium it implies. The current negotiations, together with two major OEMs, are mainly focused on two tracks that are complementing each other. One is to form a technical joint venture company in Trollhättan and the other is to introduce a new majority owner in Nevs, with the plan of making Saab cars a global premium product.

- The negotiations are progressing but we also see the complication of reaching an agreement when we are in a state of reorganisation. Our main owner has single-handedly financed the reorganisation and intends to get us out of it. In order for this to be possible financially, we need to reach a composition arrangement with the creditors, says Nevs CEO, Mattias Bergman.

The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500'000 SEK. Meaning that from a total of 573 creditors 469 will get their full claim paid, and 104 creditors will have their claims above 500’000 SEK reduced by 50 percent.

- Provided that Nevs’ composition proposal is accepted, it is my judgment that the prerequisites are favorable to also reach an agreement with a financially strong OEM, and thereby enabling a continued business potential for the creditors. With this said, it is my opinion that accepting the composition proposal is advantageous for the creditors. The alternative of a liquidation would likely result in a lower dividend several years later, says the Administrator, Attorney Lars Eric Gustafsson, Hamilton Law Firm.

All creditors are invited to an information meeting at Nevs in Trollhättan on 26 February.

Attached is the Administrator Report. Read it on Hamilton law firm’s website: NEVS ger ut ackordsförslag - 2015 - Nyheter - Hamilton

[nordwulf]

They are saying to the creditors to accept a settlement now (50% of anything that is owed over SEK 500,000) or wait for less money after a bankruptcy. And after the creditors accept the settlement, they are welcome to keep on doing business with NEVS and the new majority owner. Either way, the suppliers are screwed. Again.

The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500'000 SEK. Meaning that from a total of 573 creditors 469 will get their full claim paid, and 104 creditors will have their claims above 500’000 SEK reduced by 50 percent.

That doesn't say anything about the amounts that are owed to the 104 creditors with debts of more than SEK 500K each (about USD 60K).

[SaabWorld]

From P4 West (translated through Google):



Nevs now investing several billion to develop several new electric car models that will be launched from 2017 onwards.

- There will be a wider product range than we've ever seen from Saab Automobile earlier. The models will be gradually rolled out and the first 9-3 electric car, we see as a pilot test. It has already more demand than we had anticipated, says Mattias Bergman to P4 West.

With the start of 2017, Nevs new models to be launched. First is 9-3 electric car, and the economic problems Nevs have had has postponed the launch properly. Subsequently, several new models launched.

- After the first 9-3 electric car, as you recognize, then it four new products on our new architecture and are optimized for electric operation. There are two SUVs, called a fastback, and a crossover. There are all medium-sized cars, says Mattias Bergman.

Crossover models and fastback is a cross between a station wagon and then.

Production of the vehicles will take place both in the Chinese city of Tianjin and in Trollhättan.

In Trollhattan car builder will be hired for the summer, but first 2017 production start. Under which brand Nevs be building cars is still unclear. Nevs currently has no right to use the Saab brand.

It's about really large investments Nevs now do. This concerns many billion, according to CEO Mattias Bergman. How many would he not answer, but he notes that:

- It's probably one of the biggest industrial project currently underway in Sweden. So it's a big bet, he says.

http://sverigesradio.se/sida/artikel...rtikel=6323467

[bullet]

I'll have to see it yo believe it

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[southsaab]

I read about the Turkish deal with NEVS. Interesting stuff. I do think electric is the future, especially since diesel hasn't panned out. Battery tech still has a way to go. Hope NEVS gets the rights to the saab name again.

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