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DARPA awards Phase 2 SBIR contract for HEV motorcycle prototype
January 20, 2015 By Neville -
Report: Hyundai to cut price of FCV in Korea to compete with Toyota
January 20, 2015 By Neville -
Nissan LEAF is best-selling EV in Europe for fourth year in a row
January 20, 2015 By Neville -
Ford of Europe designer Stefan Lamm joins VW’s Seat brand
January 20, 2015 By Sean -
Ford’s German production to raise as demand rebounds
January 20, 2015 By Sean
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court reverses Saab carmaker,NEVS, granted creditor protection
China’s National Electric Vehicle Sweden (NEVS), which bought bankrupt carmaker Saab in 2012, won protection from creditors from a Swedish court on Friday while it concludes funding talks.
The decision gives the company, which has not built any cars since May because of a shortage of money, breathing space from creditors to whom it owes some 400 million Swedish crowns ($57.56 million).
Separately, Saab AB, the defense firm from which Saab Automobile was created in 1990, added to NEVS’ troubles on Friday by saying it had withdrawn its right to use the brand name Saab.
Swedish business daily Dagens Industri quoted a Saab AB spokesperson as saying NEVS’ application for creditor protection gave Saab AB the right to cancel the brand agreement.
A spokesman for NEVS said it expected to be able to renegotiate the Saab brand agreement following a solution to its funding woes.
The court had rejected NEVS’ first application for creditor protection on Thursday. The company then filed a new application on Friday.
NEVS has been in talks with two unnamed car firms to secure additional money. It made a pretax loss of 601 million crowns on sales of 41 million last year, it said in its first application.