Mahindra Buys Majority Stake In NEVS
Ever wondered what Indian curry and Swedish meatballs tasted like together? You will soon enough, thanks to a new deal between National Electric Vehicle Sweden and Mahindra.
SaabsUnited reports Mahindra & Mahindra purchased a majority stake in NEVS in an agreement that keeps Mahindra’s identity secret until the agreement is made final.
Though NEVS’ administrator Lars Eric Gustafsson wouldn’t confirm Mahindra as the party purchasing the stake, he said the deal would finance operating costs — to the tune of €5 million ($6.2 million USD) per month until the agreement is finalized, which is expected to occur February of 2015. Gustafsson added that NEVS was in talks with another Asian manufacturer about the possibility of a joint venture.
Meanwhile, the company is still undergoing reorganization, granted by the Vänersborg District Court in Vänersborg, Sweden late August of this year. NEVS petitioned for an three-month extension Monday.
As for the Saab name, NEVS plans to renegotiate the brand agreement with owner SAAB AB once its finances are more stable. The company lost the name after filing for creditor protection.
Seattle-based writer, blogger, and photographer for many a publication. Born in Louisville. Raised in Kansas. Where I lay my head is home.
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Currywurst is delicious. So this has potential, right?
VW has had a plant in Puebla, Mexico, for 5 decades. Sauerkraut with Enchiladas, anyone?
I loved the way that 9 5 drove and the interior. Just wish I could afford to own and keep one up for about 10 years.
I am convinced (and happily by the way) that the SAAB brand is immortal. I am still driving my 2006 AERO and it is solid as rock with 150K plus miles. Still feels like new.