NEVS and Koenigsegg form a strategic partnership

Swedish car makers NEVS AB and Koenigsegg AB are together forming a strategic partnership, enabling the development of parallel vehicle models in slightly higher volumes with emphasis on electrification, as well as strengthening growth opportunities in the hyper car segment.

• NEVS is making a capital injection of EUR 150 million, thereby taking a 20 percent minority stake in Koenigsegg’s parent company.
• Additionally, the parties are forming a joint venture to expand into new market segments where NEVS AB is contributing USD 150 million in starting capital for a 65 percent stake and Koenigsegg obtains 35 percent by contributing primarily with intellectual property, technology licenses, and product design.

The partnership will deepen an already existing collaboration between NEVS and Koenigsegg, creating synergies between their geographical footprints, experiences and competencies. Koenigsegg already has a distinguished unique market position for hyper cars, and through the additional joint venture NEVS and Koenigsegg are partnering up to develop a product for new and untapped segments, leveraging both of the companies’ strengths.

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. Last week, Evergrande announced the acquisition of 58.07 percent in automobile battery maker Shanghai CENAT New Energy Co Ltd, a $156 million deal.

“Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. To be able to expand our investment in the Swedish automotive industry through a company that we know and have an established relationship with, is an important step for us. We have both competencies and facilities to support Koenigsegg on their journey forward, something we look very much forward to”, says Kai Johan Jiang, Chairman of the Board of Directors at NEVS AB.

“Koenigsegg is breaking new ground, capitalising on our unique technology, performance track record and market position to explore and develop new products. This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS. We very much look forward to working together with NEVS to develop products that ensure a sustainable future”, says Christian von Koenigsegg, Founder and CEO of Koenigsegg.

January 29, 2019

For more information, please contact Fredrik Fryklund, Communications, at NEVS, fredrik.fryklund@nevs.com +46739666449

About NEVS

Founded in 2012 after acquiring the assets of Saab Automobile AB, NEVS seeks to shape mobility for a more sustainable future through a global portfolio of fully electric premium vehicles, mobility solutions, and sustainable city offerings. NEVS’ head office and main research and development facilities are located in Trollhättan, Sweden, with about 650 employees.

NEVS has growing operations in China. The company´s first plant in Tianjin was finalized 2018 and during 2019 serial production of NEVS 9-3 EV will start. At the same time, a new plant in Shanghai is under construction, scheduled for production of EV cars during 2020.

NEVS was the first joint venture company with investors from outside China that was granted a New Energy Passenger Vehicle Project investment approval by the Chinese government. By the end of 2018, NEVS was granted the certificate to manufacture and sell cars from the plant in Tianjin.

NEVS is not only focusing on electrical vehicles. NEVS also plans to deploy autonomous vehicles in the early 2020s, both in the EU and China.

In January 2019, it was announced that Evergrande Health had acquired 51% of the shares in NEVS AB to become a global leader in new energy smart travel ecology. The founder and chairman of NEVS, Kai Johan Jiang, with his company, NE Holding, will have 49 % of the shares.

NEVS is an abbreviation of National Electric Vehicle Sweden.

For more information, please visit www.nevs.com

About Koenigsegg

Koenigsegg Automotive AB is a globally leading producer of exclusive hyper cars in Sweden. The company was founded in 1994 by Christian von Koenigsegg, with the mission to create the perfect sports car and to enhance vehicle performance. Koenigsegg holds several patents in new technology among other for catalytic converters, and a geometry turbo system. Headquartered in Ängelholm, Sweden, the company employs a little over 115 people. For more information, please visit www.koenigsegg.com.

About Evergrande Group

Evergrande Group owns four listed subsidiary companies, i.e. Evergrande Health (0708.HK), China Evergrande (3333.HK), HengTen Networks (0136.HK) and Calxon (000918.SZ. Evergrande Group has accumulated total assets of RMB 1.77 trillion and achieved annual sales of RMB 550 billion, paying over RMB 200 billion in taxes and donating over RMB 11.5 billion to charity. It has 140,000 employees and creates more than 2.6 million jobs every year, ranking 230th in the Fortune Global 500 list and listed in the top 100 Global Brands.

Evergrande Health Industry Group listed in Hong Kong is a subsidiary company of Evergrande Group that focuses on health industry.The principle activities of the Health Group include Internet+m community health management, international hospitals and elderly careand rehabilitation, as well as the investments in high technology new energy vehicle manufacturing.

For more information, please visit http://www.evergrande.com/en/