Faraday investor Evergrande buys 51% of NEVS
Chinese corporation Evergrande Health Industry Group – Faraday Future’s disputed investor – has made a major investment in Chinese-owned National Electric Vehicle Sweden (NEVS) formerly Saab. Evergrande acquired a majority of NEVS shares at 51 per cent for a price of 930 million US dollars.
Evergrande Group is China’s third-largest property developer by sales. The Group has bought control of the electric vehicle maker through its subsidiary Evergrande Health, bolstering Group founder’s ambition to diversify from real estate into the rapidly growing EV industry. The company already owns 31 % of Californian EV startup Faraday Futures after initially settling for 45% stake, but more about that later.
The latest EV company that Evergrande has bought into, National Electric Vehicle Sweden, is itself entirely Chinese-owned despite having “Sweden” in its name. NEVS initial purchase of Saab bankrupt estate would have licensed the company to use the Saab brand and its griffin logo on vehicles assembled in China. However, the Saab legacy continued to be difficult as NEVS filed for bankruptcy protection in 2014.