Nevs acquires 20% in Koenigsegg AB for EUR 150M, builds a strategic partnership.

Nevs, a Trollhättan, Sweden-based car maker announced forming a strategic partnership with Koenigsegg AB, a producer of exclusive hyper cars in Sweden.

The deal involves NEVS is making a capital injection of EUR 150M ($170M), thereby taking a 20 percent minority stake in Koenigsegg’s parent company.

Additionally, the parties are forming a joint venture to expand into new market segments where NEVS AB is contributing USD 150 million in starting capital for a 65 percent stake and Koenigsegg obtains 35 percent by contributing primarily with intellectual property, technology licenses, and product design.

Nevs (an abbreviation of National Electric Vehicle Sweden) was founded in 2012 after Chinese investors acquired the assets of Saab Automobile AB. NEVS’ head office and main research and development facilities are located in Trollhättan, Sweden, with about 650 employees.

NEVS has growing operations in China. The company´s first plant in Tianjin was finalized 2018 and during 2019 serial production of NEVS 9-3 EV will start. At the same time, a new plant in Shanghai is under construction, scheduled for production of EV cars during 2020. NEVS was the first joint venture company with investors from outside China that was granted a New Energy Passenger Vehicle Project investment approval by the Chinese government. By the end of 2018, NEVS was granted the certificate to manufacture and sell cars from the plant in Tianjin.

NEVS is not only focusing on electrical vehicles. NEVS also plans to deploy autonomous vehicles in the early 2020s, both in the EU and China.

In January 2019, Evergrande Health acquired 51% of the shares in NEVS AB to become a global leader in new energy smart travel ecology. The founder and chairman of NEVS, Kai Johan Jiang, with his company, NE Holding, will have 49 % of the shares.

Koenigsegg Automotive AB is a globally leading producer of exclusive hyper cars in Sweden. The company was founded in 1994 by Christian von Koenigsegg, with the mission to create the perfect sports car and to enhance vehicle performance. Koenigsegg holds several patents in new technology among other for catalytic converters, and a geometry turbo system. Headquartered in Ängelholm, Sweden, the company employs a little over 115 people.