Evergrande Health $930 million in shares in NEVS

At the end of 2018, Evergrande had "peaceful breakup" with FF (FARADAY FUTURE). But Evergrande's entry into the new energy auto industry will never stop. On January 15, IIA learned from the announcement issued by Evergrande Health Industry Group that the group acquired a 51% stake in NEVS (National Electric Vehicles Sweden) for USD 930 million. 430 million of the money have been paid and the balance will be paid on or before January 31.

According to the announcement, Evergrande Health acquired a 51% stake in NEVS for USD 930 million and obtained a majority of NEVS board seats. The 930 million will be paid in two installments. The first installment of $430 million has been paid on January 15th and the balance will be paid on or before January 31, 2019. In addition, China Evergrande will provide a three-year, USD 1.1 billion unsecured loan.

NEVS’R&D center and manufacture base, Sweden

NEVS is a Swedish-based electric vehicle company. In 2012, it acquired the core assets and intellectual property rights of the Saab Automobile, a Swedish company. NEVS has obtained the qualification of producing new energy vehicles from the National Development and Reform Commission and the Ministry of Industry and Information Technology of the PRC. Bases of NEVS are located at Trollhattan, Sweden, Tianjin, China, and the Shanghai base is under construction currently.

NEVS's first pure electric vehicle NEVS 93 was built by Saab 9-3. Its overall shape is similar to that of the previous 9-3 and 9-3X. But the front end, headlights, tail and other details have adopted a new design. The overall look is quite fashionable. The Saab 9-3 can be seen on the side and tail of the car body. The car has now started its delivery to corporates and will be delivered to individual customers in this March.

Faraday Future’s Nansha plant (now belongs to Evergrande)

Earlier, it was reported that Evergrande Health, which had reached a settlement agreement with FF, would receive FF's Nansha plant (including plant houses and land). After entering NEVS, whether Evergrande Health will reuse the Nansha plant is still unknown.