China’s National Electric Vehicle Sweden (NEVS), which rescued iconic car brand Saab from bankruptcy, has been forced to pledge vehicles and buildings in order to borrow 58 million kronor, Swedish media said Wednesday. The company needs money to cope with the economic crisis.
“It’s about the continued funding of the business,” said Nevs Communications Manager Mikael Östlund to P4 Väst today.
Two weeks ago, took Nevs a loan of 38 million dollars to pay taxes. Nevs stopped production in mid-May due to the Chinese city of Qingdao had not paid the money promised. Production stoppage has been extended until at least mid-August. A total of 19 claims amounts to 22.9 million kronor ($3.3 million), according to TV4 News. The main requirement – 11.5 million kronor – is from Euroform which has been supplying furnishings to cars.
Nevs are currently negotiating with two automotive manufacturers on new partnerships. According to sources, it is about Indian Mahindra and Chinese Dongfeng.