Gasgoo.com (Shanghai June 4) - Swedish energy company National Electric Vehicle Sweden announced a press conference last week that its stock ratio has been adjusted, the National Business Daily reported today. At the conference Nevs confirmed that the Tianjin Binhai Hi-Tech Industrial Development Area and the Beijing State Research Information Technology Company had become official stockholders in the company.
Returning to China, Nevs CEO Kai Johan Jiang revealed that the company’s new project will be set up in Tianjin, allowing it to implement brand new R&D and production modes. However, Nevs required to find a creditor to help relieve its outstanding debts, so that the company can get its technology into actual products and start making profits. To accomplish his goal of bringing Nevs to the Chinese market, Mr. Jiang desperately needs the help of new backers.
That is where the two companies come into play. The Tianjin Binhai Hi-Tech Industrial Development Area has already spent $200 million to acquire a 30% stake in the company, with agreements already signed between both parties. The Binhai Area has already sent $40 million to Nevs. By comparison, the Beijing State Research Information Technology Company will not be investing cash, but rather contributing technology to Nevs.
Automotive Analyst Qiu Tianyong explained: “The $40 million will be very useful in helping [Nevs] to repay its debts, which need to be paid soon.”
NEVS has previously announced its plans to expand into the new energy vehicle field. The company plans to release a new electric vehicles based on the same technology powering the Saab 9-3, as well introduce a brand new design based on the Phoenix platform.
