NEVS, formerly Saab, takes a 20 per cent stake in Koenigsegg and funds a joint venture project to expand in to new market segments.
Saab eventually went to NEVS (although they can’t use the Saab name), and they’ve been busy making electric cars for China based on the old Saab 9-3.
But now NEVS and Koenigsegg are coming together in a deal which sees NEVS take a £130 million, 20 per cent, stake in Koenigsegg, and also fund a £130 million joint venture with Koenigsegg to move in to new market segments, neatly bringing together the bits of the Swedish car industry which aren’t Volvo.
Christian von Koenigsegg said:
Koenigsegg is breaking new ground, capitalising on our unique technology, performance track record and market position to explore and develop new products. This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS. We very much look forward to working together with NEVS to develop products that ensure a sustainable future.
With NEVS recently acquired by Chinese property developer Evergrande, there’s clearly an appetite for growth, and funding to make it happen. It’s going to be interesting to see what becomes of the JV.