NEVS

NEVS (National Electric Vehicle Sweden Co., Ltd.) is a new energy vehicle (NEV) marque established in 2012, headquartered in Trollhättan, Sweden. Founded by Chinese entrepreneur Jiang Dalong, who built his early career in the biomass energy sector, the company’s shareholding consortium included State Modern Energy Holdings, Tianjin Binhai Hi-Tech Industrial Development Area, Guoyan Technology, and Century Golden Resources Group. NEVS was founded as an all-new electric vehicle brand following the acquisition of the core assets and intellectual property of the defunct Swedish automaker Saab Automobile. Integrating Saab’s 75-year vehicle engineering pedigree with the Phoenix platform architecture, NEVS focused on the R&D, manufacturing, and mobility services of pure electric vehicles. Guided by its mission to "shape green mobility and build a sustainable future," the company was initially chaired by Jiang Dalong. Evergrande Group completed a phased takeover from 2019 onwards, before operations ground to a complete halt following the parent group's systemic financial crisis.

Development History

The development journey of NEVS can be divided into four distinct phases.

Saab Acquisition and Qingdao Partnership Phase (2012–2014): In 2012, National Electric Vehicle Sweden Co., Ltd., founded by Jiang Dalong, acquired the core assets and intellectual property of bankrupt Swedish carmaker Saab Automobile for approximately SEK 1.8 billion. This included the Saab 9-3 platform, the Phoenix platform architecture, and all related technical patents, inheriting Saab’s quintessential "oneness between car and driver, flying low to the ground" brand heritage alongside its deep Scandinavian engineering roots. Under initial plans, NEVS secured capital injections from Qingdao local state-owned assets, with intentions to establish a localized assembly plant in Qingdao. In late 2013, NEVS restarted Saab’s Swedish plant to resume trial production of the 9-3. However, just five months later, operations were halted once again after Qingdao failed to disburse promised credit facilities, forcing NEVS into bankruptcy protection in 2014 and stripping the company of its rights to the "SAAB" marque and trademark.

Tianjin Establishment and Dual Licences Phase (2015–2018): Having weathered the Qingdao setback, NEVS secured fresh capital from the Tianjin Binhai Hi-Tech Industrial Development Area and Beijing Teamsun, establishing National New Energy Vehicle Co., Ltd. (subsequently renamed Evergrande New Energy Vehicle (Tianjin) Co., Ltd.) on 18 June 2015 within the Tianjin Binhai Hi-Tech zone. Registered with a capital of RMB 2.4 billion and a total project investment of RMB 4.2 billion, the plant was planned for an initial phase capacity of 50,000 units per annum, scalable to 220,000 units in the long run. In August of the same year, NEVS inked a strategic cooperation agreement with Dongfeng Motor. From December 2015 onwards, NEVS signed framework procurement agreements totalling 170,000 units with Panda New Energy and China Huateng. In October 2017, NEVS became the second enterprise after BAIC BJEV to secure new pure electric passenger car project approval from the National Development and Reform Commission (NDRC). The first vehicle rolled off the assembly line at the Tianjin plant in December 2017, followed by production approval from the Ministry of Industry and Information Technology (MIIT) in November 2018, formally making NEVS a dual-licenced NEV manufacturer.

Evergrande Takeover and Mass Production Phase (2019–2020): In January 2019, Evergrande Health (later renamed Evergrande Auto) acquired a 51% controlling stake in NEVS for USD 930 million, securing a majority of board seats and formally incorporating NEVS into Evergrande’s automotive portfolio. Backed by Evergrande’s massive capital injection, the NEVS 93 pure electric sedan, developed on Saab’s Phoenix platform, rolled off the line at the Tianjin plant in 2019. In June of the same year, Evergrande injected additional capital to make NEVS an indirect wholly-owned subsidiary, prompting Jiang Dalong and the Swedish founding management team to step down.

Operations Stalled and Asset Liquidation Phase (2021–2026): When Evergrande’s systemic debt crisis erupted in 2021, NEVS suffered an immediate liquidity crunch. In 2023, NEVS retrenched over 320 employees (roughly 95% of its workforce) and entered operational hibernation, retaining a skeletal staff of around 20 personnel. Around March 2023, NEVS offloaded an 80% stake in its Swedish base for SEK 240 million, followed by the sale of the remaining 20% stake for SEK 60 million in November 2024. The former Saab plant in Trollhättan, Sweden, spanning a built-up area of 400,000 square metres, had seen virtually no full-scale vehicle assembly since its acquisition by NEVS in 2012. By the end of 2025, mass production at the Tianjin plant had ceased entirely, and NEVS’s Swedish facilities had largely been disposed of.

Brand Matrix / Product Line

NEVS’s product portfolio centred primarily on pure electric passenger cars, alongside the N-InMotion shared mobility concept and the Sango autonomous commuting shuttle.

NEVS 93 was the brand’s first and only mass-produced pure electric saloon. Developed on the Phoenix E platform—an EV adaptation of the Saab 9-3 Phoenix architecture—it was calibrated by a Sino-Swedish engineering team led by former Saab chassis tuning expert Johansson Torbjörn. Classified as a C-segment pure electric sedan with dimensions of 4,684 × 1,778 × 1,514 mm and a 2,677 mm wheelbase, it racked up over 8,000 pre-orders on JD.com during the 2018 "Double 11" shopping festival. The initial batch was delivered in December 2018 to government fleet purchasers and ride-hailing operators, with private customer deliveries initially slated for March 2019. Powertrain duties were handled by a CATL-supplied ternary lithium-ion battery pack (45 kWh capacity, 122 Wh/kg energy density) paired with a permanent magnet synchronous motor rated at 130 kW and 280 Nm of torque, delivering an NEDC-rated range of 355 km.

NEVS 9-3X was an all-electric SUV derivative built on the Saab 9-3 platform, showcased alongside the 9-3 series in 2017.

InMotion Concept Cabin debuted at CES Asia 2017, offering a glimpse into NEVS’s vision of shared autonomous mobility as an adaptable mobile living space.

Sango Autonomous Concept Car was an L4 shared commuting vehicle co-developed by NEVS and AutoX. Featuring a 6-passenger cabin configurable in Private, Social, or Family layouts, it formed the core of the PONS mobility ecosystem alongside the Koro fleet management system and the Okulo mobile app. Pilot fleet trials were originally planned for Stockholm in 2022.

Hengchi Brand vehicles were developed utilizing Saab-derived platforms following Evergrande’s acquisition, but were marketed separately under the Hengchi marque without sharing NEVS badging, and never reached volume deliveries.

Market Performance

The market run of NEVS can be characterised as a classic case of "flying high early, fading fast, and finishing at zero."

In its early phase, NEVS boasted headline-grabbing procurement deals totalling 170,000 units (a 150,000-unit framework deal alongside a 20,000-unit contract); however, the 150,000-unit order was merely an internal related-party transaction with Panda New Energy, with actual plant capacity nowhere near capable of fulfilling it.

Once introduced, market uptake was dismal. With a post-subsidy pre-sale price tag of around RM169,800, the NEVS 93 struggled to hold its ground in late 2018 against mainstream rivals such as the BYD Qin EV and BAIC EU series, which offered superior driving range or more advanced tech at comparable price points. By the end of July 2019, cumulative sales of the NEVS 93 stood at an underwhelming eight units.

On the retail front, National New Energy Vehicle lacked a physical 4S dealership network, requiring prospective buyers to conduct test drives at the Tianjin assembly plant, with only a handful of makeshift test-drive venues established in Beijing, Shanghai, and Tianjin.

Following the collapse of Evergrande’s cash flow in 2021–2022, NEVS effectively halted all retail sales and deliveries in China. Between 2024 and 2026, major Chinese automotive portals such as PCauto marked the entire NEVS line-up as "discontinued," with active vehicles on the road remaining negligible.

From inception to complete cessation, total retail customer deliveries of its flagship 93 amounted to only around 1,000 units, with the vast majority of original fleet orders left unfulfilled.

Core Technologies

NEVS’s engineering framework was built upon decades of Saab heritage, combined with bespoke new energy vehicle platform development.

Phoenix Electric Platform was the technical crown jewel of NEVS. Following General Motors' acquisition of Saab, billions of dollars were funnelled into developing the original Phoenix platform. Building upon this foundation, NEVS invested over 2 million engineering man-hours across more than five years to create the Phoenix E dedicated EV platform. Capable of supporting both pure electric and range-extender (REEV) configurations, it formed the technical backbone of NEVS’s electric transition.

Safety DNA: Tracing its lineage back to aerospace engineering, Saab's safety benchmarks far exceeded industry norms. While the US IIHS benchmarked crash tests at 64 km/h, Saab routinely subjected its production cars to internal crash testing at speeds of up to 120 km/h. NEVS fully inherited this robust safety architecture.

Three-Electric (EV Powertrain) Systems: NEVS developed proprietary intellectual property spanning battery thermal management, vehicle safety systems, and an advanced Air Cleaning and Air Conditioning (ACAC) cabin filtration system. The ACAC system was capable of bringing PM2.5 levels from 800 ppm down to below 25 ppm within 30 seconds.

Intelligent Connectivity System: Collaborating with Microsoft, NEVS developed the "N-Eco" connected ecosystem, integrating telematics functions across four primary use cases: remote vehicle monitoring, smart charging station navigation, driving behaviour analytics, and fleet management.

In-Cabin Air Purification System: NEVS incorporated top-tier air purification technology with a filtration efficiency of up to 99%, while interior cabin materials strictly complied with stringent European eco-standards.

Overseas Footprint

With Sweden serving as its international hub and cutting-edge R&D centre, NEVS sought to harness resources on a global scale.

Swedish Headquarters and R&D Centre: Situated in Trollhättan, Sweden—the historic birthplace of Saab—NEVS established an advanced electric and smart vehicle R&D centre, deploying an international engineering team of over 500 specialists, with global headcount once topping 1,800. The Swedish facility spearheaded complete vehicle engineering, EV powertrain development, and connected car technologies.

Global Manufacturing Network: Operating under a dual-base "Sweden + China" strategy, the Trollhättan facility in Sweden retained full vehicle assembly capabilities, while the Tianjin Binhai Hi-Tech plant served as the primary high-volume manufacturing hub in China, boasting an initial annual capacity of 50,000 units and engineered for future expansion up to 220,000 units. Plans for a production base in Shanghai were also initiated.

Global Export and Distribution: Under a strategic tie-up with Dongfeng Motor, NEVS pledged to leverage its overseas dealer network to assist Dongfeng’s proprietary models with regional compliance modifications and export distribution across Europe and North America. NEVS also had ambitions to export bespoke models to European and North American markets. However, with the Swedish plant sold off piecemeal between 2023 and 2024 and R&D activities shuttered, overseas export operations were effectively terminated.

Global Commercial and Technical Partnerships: NEVS built a supply chain network involving HBIS Group, CATL, and Dongfeng Motor. Its autonomous driving collaboration with AutoX, originally targeting European commercial deployment, was ultimately abandoned.

Future Outlook

As of early 2026, the NEVS brand has ceased all operations. Evergrande Auto has been mired in a crippling financial crisis since 2023, leaving NEVS, its flagship overseas arm, bearing the brunt of the fallout.

The manufacturing footprint in Trollhättan, Sweden, has been liquidated in stages, with approximately 100% of equity offloaded between 2023 and 2024. The 400,000-square-metre Swedish facility had never seen sustained vehicle assembly since its 2012 acquisition. While the Tianjin plant on paper retains an annual capacity exceeding 50,000 units, volume production ground to a complete halt back in 2021–2022. NEVS’s Swedish entity currently retains just around 20 staff to maintain basic legal compliance. Although Evergrande Auto has attempted to court strategic investors to salvage NEVS’s residual assets, no tangible progress has been made.

The NEVS brand is no longer involved in the manufacturing or retail of new vehicles. For the foreseeable future, the survival of the entity hinges entirely on whether Evergrande Auto can secure a white-knight investor. Failing to bring in fresh strategic backing or restructuring funds will inevitably lead to the total breakup and liquidation of NEVS's remaining assets.

The saga of NEVS exemplifies the typical trajectory of Chinese capital acquiring legacy overseas automotive technology: deploying funds to acquire mature platforms and manufacturing licences, leveraging storied heritage to build market credibility, and utilizing headline fleet orders to fuel fundraising and capacity expansion. Yet, hampered by sluggish product renewal, mismanaged production timelines, and the ultimate financial collapse of its parent group, the venture ended in total failure. It stood as the final attempt to revive Saab’s 75-year-old legacy on Chinese soil, serving as a cautionary tale of "high starting ambitions, zero returns" in the wider narrative of cross-border technical consolidation and capital realignment. For the automotive industry, it lays bare the pitfalls of overseas M&A, reinforcing the unforgiving reality that securing licences is the easy part—building competitive cars and sustaining massive R&D capital are where the real battle is won or lost.