Saab’s stop-start recovery is effectively on life support at the moment as its Chinese owner, National Electric Vehicle Sweden (NEVS) begins discussions with a number of possible partners to stop the rot from setting in.
Saab production was halted in May due to cash flow issues which meant NEVS failed to pay its suppliers, the company denied reports of one supplier filing a bankruptcy petition in Sweden.
NEVS hasn’t revealed who these potential partners are, but according to a company spokesperson talks are on-going and neither did the spokesperson reveal how and when production would resume.
NEVS owes Swedish firm, Labo Test, 16,000 euros, Labo Test issued the bankruptcy order but according to NEVS that petition has since been withdrawn.
The Swedish government reported that NEVS has 91 outstanding claims against it totaling in the tens of millions of euros. NEVS is owned by Chinese-Swedish businessman Kai Johan Jiang,
Under Jiang’s Holding company, National Modern Energy Holdings Ltd, Jiang purchased Saab from then owners Spyker in 2012. Spyker bought Saab from General Motors who were clearing out ‘unwanted stock’ during a period economic melt down.
NEVS wants to re-brand Saab into a electric car company aimed primarily at the Chinese market. When production of the 9-3 began in 2013 six cars per day were being made. However NEVS had supplier issues almost straight away and production was halted in May 2014.
NEVS revealed in a statement that its not facing insolvency anytime soon but intends to pay its debtors but “cannot say exactly when.”