Koenigsegg Joins Forces With Former Saab “To Expand Into New Market Segments”

Koenigsegg declared the formation of a new joint venture with Chinese-back New Electric Vehicle Sweden (NEVS), the business formerly called Saab.

According to Koenigsegg, the new strategic partnership will allow the growth of vehicles in slightly higher amounts, in addition to help them grow bigger in the hypercar segment.

NEVS is investing 150 million euros (roughly $170 million in present exchange rates) to this new venture, taking in precisely the identical moment a 20 percent minority stake in Koenigsegg’s parent company and a 65 percent stake in the joint venture, whereas Koenigsegg catches the remaining 35 percent stake by contributing its own intellectual property, technology licenses and merchandise layout .

It’s not the first time the two firms have worked however, their arrangement enables Koenigsegg to access NEVS’ creation and engineering facilities in Sweden in addition to its dealership community in China.

NEVS’ bulk owner is Chinese house developer Evergrande, which also happens to own a controlling stake in Shanghai CENAT, also a battery car manufacturer in China, in addition to a 32 percent stake at Faraday Future.

“Koenigsegg is breaking new ground, capitalising on our unique engineering, performance history and market position to research and create new goods,” stated Christian von Koenigsegg, Founder and CEO of Koenigsegg. “This venture will produce the conditions for Koenigsegg to accelerate expansion in addition to enabling us to break ground together with NEVS. ”

“To have the ability to expand our investment from the Swedish automotive sector through a business that we understand and have an established connection with, is an important step for us,” stated Kai Johan Jiang, Chairman of the Board of Directors at NEVS AB. “We now have competencies and amenities to support Koenigsegg on their travel ahead, something we seem to. ”