The auto industry is full of seemingly odd tie-ups and partnerships, and now, there's another strange one. Today, Koenigsegg, producer of the world's fastest road cars announced that for a hefty €150 million (roughly $171 million), National Electric Vehicle Sweden (NEVS) has acquired a 20-percent stake in the company.
In case you don't remember, NEVS was founded in 2012 by Swedish-Chinese businessman Kai Johan Jiang, and bought Saab's assets after GM sold the automaker the same year. NEVS beat quite a few players to buying Saab, including Christian von Koenigsegg himself. And while the Saab Museum's collection was saved by the city of Trollhättan, the fact that aerospace company Saab AG managed to take back the Saab brand and logo in 2016 didn't stop NEVS from attempting to convert aging GM-Saab platforms into Chinese-market electric vehicles.
NEVS announced back in 2017, though . Recently, the Evergrande Group—a large Chinese property developer that previously invested in Faraday Future—took a controlling stake in NEVS.
In a statement, Koenigsegg explained why it sold a stake in the company to NEVS:
"Through NEVS production facilities in Trollhättan, Koenigsegg will access additional capabilities as well as benefiting from the extensive automotive knowledge in the region, whilst maintaining their centre of excellence in Ängelholm. Alongside NEVS capacity for production in Trollhättan and China, NEVS through its majority owner Evergrande, has a wide distribution platform and channels through ownership in one of China’s largest car retailers."
Koenigsegg and NEVS will also form a new joint venture to explore new market segments, with NEVS throwing in $150 million in starting capital for a 65-percent stake, with Koenigsegg taking a 35-percent stake with no money, but by contributing with intellectual property, technology licenses, and product design.
In other Koenigsegg news, the successor to the 278-mph Agera RS—internally codenamed Ragnarok—will debut at the Geneva Motor Show on March 5th.