NEVs looks for new owner as parent company Evergrande trapped by debts

NEVs, the Swedish electric car startup that owns Saab, is seeking a buyer in Europe or America, according to CEO Stefan Tilk.

Evergrande, whose property development arm is facing debts of around 1.96 trillion yuan (US$300 billion), fully acquired NEVs in June last year.

In August this year, NEVs laid off more than half of its 650 employees. Reuters said the company’s debt exceeded US$300 million while its appraisement is about US$1 billion.