Asian carmaker agreed to buy a majority stake in Nevs!

National Electric Vehicle Sweden AB, the investment group that bought the assets of Saab Automobile two years ago, said it’s found two Asian investors that may help fund its revival of the Swedish car brand.

NEVS said it on Sunday inked a preliminary agreement with an unnamed Asian carmaker (probably Mahindra) that is interested in becoming new majority owner, according to papers filed at Vanersborg District Court. Nevs also said it’s in talks with another Asian manufacturer (probably Dongfeng) on a joint venture to develop new vehicles.

The so-called term sheet outlines terms and financing of operations. The package also includes a bridge loan of 5 million euros (6.2 million dollars) until the deal is completed, which is expected in February, the papers said.

The board of the potential new owner has yet to give its approval.

In anticipation of that bridge loan, NEVS said it has secured a separate 5-million-euro loan from another unnamed entity to tide the carmaker over until it seals the deal with the new owner.

NEVS was also negotiating with another separate Asian carmaker about cooperation on a project, which could also generate funds.


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