Company NEVS (National Electric Vehicle Sweden) today announced INTERIM REPORT For the period 1 January to 31 August. On this link you can read a detailed report in PDF, and below only briefly given the key information and an interview with Mattias Bergman who explains Nevs interim report.
Mattias Bergman said on this occasion: “During the fall 2015 Nevs is recruiting about 150 people, mostly engineers, to carry out the studies and projects under way within the framework of cooperations and the development of the new business plan. To implement the project with the Turkish national car, Nevs will need to recruit another 100 engineers. With new owners and partners in place, with new financing and with the enormous commitment of all employees in Nevs we now make a restart and will enter a really exciting phase where we put up the plans for how we, with our products and our solutions, will implement our vision to create mobility for a more sustainable future”
Nevs Period activities in brief
- Nevs left reorganization after the creditors accepted the composition proposal at Vanersborg district court on 23 March.
- The city of Tianjin and the IT company SRIT new partners in Nevs.
- IT company Teamsun partner in Nevs JV company in Tianjin.
- Cooperation agreement with Dongfeng Motors on including product development and another with Tübitak in the development of the Turkish national car.
- The Board extended with a new vice-chairman and union representatives
Nevs – Financial comments
- Good cash position of the Group, 1 282 MSEK.
- Net sales of SEK 50 MSEK, which is on par with the previous year, and consist mainly of sales of services. In addition to this other income from the sale of licenses of 370 MSEK.
- Net income was minus 86.6 MSEK, which is significantly better than last year and the management is working hard to achieve sustainable profitability.
After the reporting period:
- Nevs became debt free after the second and final chords payment of 231 MSEK was carried out in September, after the reporting period, and are “Going Concern”.
- The Group’s equity ratio is very strong, 99% per 2015-09-15.