Have you ever heard the saying, “cats have nine lives”? Well, cats have nothing on Saab— the Swedish brand that has managed to cheat death a few times already is set to receive $165 million cash injection and help from hybrid supercar maker Christian von Koenigsegg.
For its part, Koenigsegg will contribute intellectual property and engineering expertise to a new “Saab” joint venture. The brand’s current owner, Chinese electric carmaker, NEVS, will put in the cash and its properties. The plan is to start delivering an all-electric Saab 9-3 Phoenix similar to the one shown here to Swedish and Chinese customers by– let’s say “2020”.
Is this really it? Is Saab back? Will China’s expanding electric car charging network help its chances? Check out the official Koenigsegg press release, below, then let us know what you think of Saab’s chances in this life in the comments section at the bottom of the page.
Koenigsegg to Embark on Evolutionary Journey for Future Growth
Ängelholm, Sweden — Koenigsegg AB is forming a strategic partnership with NEVS AB, enabling the development of parallel vehicle models in slightly higher volumes with emphasis on electrification, as well as strengthening growth opportunities in the hyper car segment. NEVS is making a capital injection of EUR 150 million, 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.
The partnership will deepen an already existing collaboration between Koenigsegg and NEVS, creating synergies between their geographical footprints, experiences and competencies. Koenigsegg already has a distinguished unique market position for hyper cars, and through the additional joint venture NEVS and Koenigsegg are partnering up to develop a product for new and untapped segments, leveraging both of the companies’ strengths.
Through NEVS production facilities in Trollhättan, Koenigsegg will access additional capabilities as well as benefiting from the extensive automotive knowledge in the region, whilst maintaining their centre of excellence in Ängelholm. Alongside NEVS capacity for production in Trollhättan and China, NEVS through its majority owner Evergrande, has a wide distribution platform and channels through ownership in one of China’s largest car retailers.
“Koenigsegg is breaking new ground, capitalising on our unique technology, performance track record and market position to explore and develop new products. This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS. We very much look forward to working together with NEVS to develop products that ensure a sustainable future”, says Christian von Koenigsegg, Founder and CEO of Koenigsegg.
“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”, says Kai Johan Jiang, Chairman of the Board of Directors at NEVS AB.