Dongfeng Motor Corporation is Not interested in NEVS Saab
Published on August 25, 2014 by Tycho de Feijter
China’s Dongfeng Motor Corporation has issued an official statement saying it never had any contact with NEVS Saab or with its shareholders concerning a possible take-over or an investment. On August 21 Economic-news magazine China Securities News published an article citing unnamed sources saying such contact had been established earlier this month.
NEVS-Saab is seeing some heavy weather after an unpaid Swedish supplier went to court asking for declare NEVS bankrupt. That hasn’t happened but the company has admitted it is short of cash and production has stalled. Just last week they showed off a Saab 9-3 electric prototype in an effort to find new investors, so far without result and Dongfeng is clearly out of the picture as well. But Dongfeng and Saab are connected anyway, in a way:
In September 2012 Dongfeng Motor Corporation acquired 70% of the Swedish firm T Engineering AB. This company is a spin-off of Swedish Automobile – Saab Automobile, created during the liquidation process of that firm in early 2012. The company controls the assets of former Saab Powertrain, involved in R&D into ICE, power train, chassis control systems, hybrid power trains, and electric power trains. Dongfeng thus has the best stuff already.