NEVS Cars

Koenigsegg Bought Full Ownership From NEVS From a Joint Venture

NEVS Koenigsegg Partnership

Koenigsegg today announced the buyback of NEVS’s 65% stake in the joint venture company Meneko that produces the Gemera 4-seater Hypercar.

As we reported earlier, the owner of the company NEVS (Evegrande Group) is in great financial problems, so he is forced to sell off operations around the world. One of them is the EV division, which also includes the company NEVS with a development center in Sweden. The latest news was that Xiaomi was interested in the EV division, and that negotiations were underway.

In other news, Koenigsegg announced yesterday that this company regains full ownership over the Gemera production company from NEVS. The acquisition makes Koenigsegg the sole owner of the company. Koenigsegg formed the partnership with NEVS in January 2019 with the intended purpose of developing parallel volume vehicle models with an emphasis on electrification and CO2-neutral engines.

CHRISTIAN VON KOENIGSEGG

The sports car manufacturer Koenigsegg buys Nevs from the joint company Meneko. “It feels positive to be the sole owner,” says founder Christian von Koenigsegg. He added the following: “Koenigsegg’s strong and stable growth both operationally and financially enables us to buy back NEVS’s ownership in Meneko and take full ownership of the joint venture. In preparation of the Gemera start of production, we are investing heavily in new facilities, competence and infrastructure, and this acquisition is an important step for us and in the growth of our business.

However, he does not want to say what the purchase price is. “We are in a good position and they are in a situation when they need to strengthen liquidity, so it is fitting that we take over,” says Christian von Koenigsegg, Koenigsegg’s founder.

The technical cooperation with Nevs will continue with “test facilities for emissions and climate tests and some other services”. Banks and investors have retreated and the market value has plummeted by 90 percent since April. But despite that, Christian von Koenigsegg does not regret the partnership with NEVS. “No, for our part, it was good to have risk sharing at the beginning of the Gemera project and we have had control over the process all the time,” he says.

The new Gemera, with a price tag of SEK 18 million ($ 2.1 million), planning to build 300 Gemera models in the all-new production facility already under construction outside the current Koenigsegg facilities, with an anticipated start of production in 2023. According to him, 200 cars have already been booked. Production will start in two years in the upcoming factory in Ängelholm.

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