TOP EV NEWS #1 – CHINESE LOVE AFAIR WITH SWEDISH BRANDS CONTINUES
Chinese automakers seem to have a thing for Swedish car brands. Shortly after announcing that Evergreen has become the majority shareholder in the old SAAB Automobile, now called NEVS, the company acquired a stake in Swedish supercar brand Koenigsegg.
The strategic partnership consists of a €150 million investment in a joint venture with Koenigsegg to develop electric vehicles. NEVS is the major shareholder in the joint venture with a 65% ownership. Koenigsegg will pay for its 35% shareholding through contributing its intellectual property, technology licenses, and product design. NEVS also acquired a 20% direct shareholding in Koenigsegg through a capital injection of €150 million
NEVS Chairman Kai Johan Jiang was quoted saying “Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. To be able to expand our investment in the Swedish automotive industry through a company that we know and have an established relationship with is an important step for us. We have both competencies and facilities to support Koenigsegg on their journey forward, something we look very much forward to.”
According to Koenigsegg the strategic partnership will enable the development of parallel vehicle models in slightly higher volumes with emphasis on electrification, as well as strengthening growth opportunities in the hypercar segment.
Koenigsegg will have access to NEVS production facilities in Trollhättan, Sweden while maintaining its center of excellence in Ängelholm. NEVS capacity in China also opens opportunities for Koenigsegg in the Chinese market as NEVS major shareholder Evergrande also has a wide distribution platform through its ownership in one of China’s largest car retailers.
Ironically Koenigsegg was one of the failed bidders for SAAB Automobile when NEVS acquired it in 2011. Koenigsegg has dabbled with electrification and equipped its Regera supercar with its revolutionary Koenigsegg Direct Drive transmission (KDD) which incorporates a hybrid system with three electric motors and a 4.7kWh battery.
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