Swedish car makers in technical partnership

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Car manufacturers NEVS and Koenigsegg are to develop parallel vehicle models in slightly higher volumes. The partnership will focus on electrification and the hyper car segment.

NEVS will make a capital injection of €150m (US$171m), taking a 20% minority stake in Koenigsegg’s parent company. The two companies are also forming a joint venture to expand into new market segments. NEVS will contribute US$150m in starting capital, in exchange for a 65% stake. Koenigsegg will hold the remaining 35%, contributing intellectual property, technology licenses, and product design.

Christian von Koenigsegg was among those meeting Swedish Prime Minister Stefan Löfven recently to discuss the partnership

The partnership is intended to deepen an already existing collaboration between NEVS and Koenigsegg, creating synergies between their geographical footprints, experiences and competencies. Koenigsegg will be able to access additional capabilities at the NEVS production facilities in Trollhättan, Sweden, as well as benefiting from the latter’s extensive automotive knowledge in the region. It will also maintain its own center of excellence in Ängelholm.

Alongside its capacity for production in Trollhättan and China, NEVS has a wide distribution platform due to its majority owner Evergrande also owning one of China’s largest car retailers. Last week, Evergrande announced the acquisition of 58.07% of automobile battery maker Shanghai CENAT New Energy Co, in a US$156m deal.

“Koenigsegg is breaking new ground, capitalizing 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 in 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,” said Christian von Koenigsegg, founder and CEO of the company.

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Tara has worked for UKi Media & Events since 2013, initially as a freelancer. She has been a journalist for over a decade and has worked for a range of publications, including Personnel Today, Management Today and The Grocer.

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