National Electric Vehicles Sweden (NEVS) has lost the right to use the Saab name as it fights bankruptcy. Swedish court grants creditor protection.
Just a few weeks ago we reported that Saab and its new owner National Electric Vehicles Sweden (NEVS) were once again up against it with an unpaid supplier filing for bankruptcy. Since the, Saab has been thrown a lifeline by the Swedish courts, and a big kick in the teeth by Saab AB.
NEVS right to use the Saab name (although not the Griffin logo) was granted by the owners – the defence firm Saab AB – but in light of NEVS financial predicament that right has been withdrawn.
The good news is that the Swedish courts have granted NEVS creditor protection to give them time to sort out a White Knight to ride to their rescue, with NEVS claiming two unnamed car firms are willing to invest to make NEVS dreams of relaunching Saab as a maker of electric cars a reality.
It seems NEVS is hoping to flog off the Phoenix platform developed under previous ownership, with the revenue that brings putting the new Saab venture back on an even keel.
They then hope that the recently revealed Saab 9-3 EV will be able to move forward and the Saab name restored to some sort of credibility, but that will rely on Saab AB being willing to re-license the Saab name back to NEVS when – or if – they sort out their financial woes.
We hope NEVS can manage to revive Saab – even as an EV maker – but things don’t look too promising.