Saab Successor Nevs Lands $12 Billion Deal

2014 Saab Aero 9-3 (Credit: © Saab)

Saab’s successor, which is called Nevs, has struggled to climb out of the former brand’s ashes. For now it’s lost the ability to use the Griffin logo or even the Saab name, and even more importantly has struggled to secure financing to produce cars. Thanks to a new deal with Panda New Energy from China, the Swedish automaker is about to become $12 billion USD richer.

No, that’s not a typo: $12 billion.

Everyone was taken by surprise when Nevs recently revealed it’s going to start churning out several new models. While it landed a fairly large deal with a Turkish automaker in the fall, many were wondering where Nevs had the financial backing to suddenly make those kinds of aggressive moves. Surely the new vehicles were vaporware, some alleged, but this new deal puts those doubts to rest.

Swedish news website The Local reports that this new transaction is creating hundreds of new jobs in the western region of the country. Panda New Energy wants 250,000 electric vehicles for its EV leasing service, which it will reportedly make it the biggest of its kind in the entire world.

Rather than the cars being assembled in Sweden, the factory in Trollhattan will only churn out different components, including painted bodies. The final assembly process is going to happen in China at a facility that’s still under construction. Thanks to heavy government incentives being used as a way to combat smog epidemics in different parts of China, there’s a tremendous demand for EVs in the country.

Nevs is owned by a Chinese firm, which has been behind the automaker’s electrified strategy. Chinese financers have also fueled new EV brand Faraday Future and the reemergence of Fisker. Even Atieva, which is the one of the latest and perhaps smallest player in the electric car space has already attracted Chinese investors.

If Nevs can continue to land such huge deals, it maybe just maybe has a shot at persuading the Saab Group to let it use the Griffin logo and Saab name again.