Koenigsegg AB terminates joint venture with NEVS

6. September 2021

Big changes in Sweden.

‍Koenigsegg AB terminates its joint venture for the production of the Gemera with NEVS. The company from Ängelholm buys back the 65% share of NEVS AB and takes over the joint venture called "Meneko" completely. Koenigsegg® thus secures the production of the brand's Super GT.

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Koenigsegg takes over Meneko completely

The joint venture was closed in January 2019. Koenigsegg® and NEVS agreed onthe development and production of vehicles with alternative drive systems. The focus was on electrification, carbon neutrality and higher production volumes.

Parts of the former Saab plant were to be converted for the production of components, Koenigsegg® invested massively in the expansion of the plant facilities in Ängelholm. While the expansion in Ängelholm continues to progress, the component plant in Trollhättan now seems to be a thing of the past. NEVS is sinking deeper and deeper into the maelstrom of the crisis surrounding owner Evergrande. It is unlikely that all obligations in the "Meneko" joint venture will be fulfilled.

Christian von Koenigsegg (CvD) thanked the employees of NEVS AB for the excellent cooperation. He emphasized that he would like to continue this with further projects.

Gemera from 2023 from Ängelholm

For Koenigsegg®, the Gemera, which is to be produced in Ängelholm from 2023, is a big step in the development of the company. For the first time, 300 units of a model are to be produced. More than ever before in the history of the Swedish sports car manufacturer. Koenigsegg® now employs around 500 people, while the former partner has to reduce its workforce to around 300.

For NEVS, the latest development is an additional setback. The company,already marked by the massive staff reductions and the crisis of the Chinese owner, loses another asset. However, it still holds a 20% stake in Koenigsegg AB.

Source: https://saabblog.net/2021/09/06/koenigsegg-ab-beendet-joint-venture-mit-nevs/