Saab car maker NEVS reported in default

Saab car maker NEVS reported in default
by Staff Writers
Stockholm (AFP) Aug 12, 2014

Chinese-owned automaker NEVS, the owner of the Swedish brand Saab, is in default, a Swedish court said Tuesday after receiving a notice from an unpaid supplier.

"We have received a a bankruptcy petition against NEVS (National Electric Vehicle Sweden)," Vaenersborg district court spokeswoman Mona-Lisa Johansson told AFP.

NEVS was created in June 2012 to buy Saab, which filed for bankruptcy in December 2011.

Johansson added that a hearing to discuss the company's future would be held on September 18.

NEVS is owned by China's National Modern Energy Holdings (78 percent) and the Chinese city of Qingdao (22 percent).

Production resumed in late 2013, with the aim to make electric cars for the Chinese market.

But financial trouble grew in the last months, raising concerns among union members in the historic industrial site of Trollhaettan, where the company has 250 employees.

NEVS was not available for a comment on Tuesday afternoon.

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