Saab 9-3 production on halt

National Electric Vehicle Sweden (NEVS), which purchased Saab in 2012, has released a statement to inform that production of the Saab 9-3 is now suspended because one of its shareholders, Qingbo Investment Co. Ltd., has not fulfilled its contractual obligation to finance the operations. NEVS also had to reduce its workforce.

The company’s main owner, National Modern Energy Holdings Ltd., has become its sole investor and recently committed large sums of money in China, most notably for a new battery factory and a technology development centre.

NEVS insists that its assets are significantly higher than its debt, and is confident that it will find a way to secure long-term financing.

Source : autoguide.com

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