Supercar maker Koenigsegg announced that it is taking a $170 million investment from NEVS, SAAB’s all-electric successor, and the company says that they will use the money to ramp up their electrification effort.
The two Swedish companies were already collaborating, but this latest move deepens their ties.
With a EUR 150 million (~$171 million USD) investment, NEVS is taking a 20 percent minority stake in Koenigsegg’s parent company and they are also setting up “a joint venture to expand into new market segments where NEVS AB is contributing USD 150 million in starting capital for a 65 percent stake and Koenigsegg obtains 35 percent by contributing primarily with intellectual property, technology licenses, and product design.”
Koenigsegg says that it will enable them to develop “parallel vehicle models in slightly higher volumes with emphasis on electrification.”
Christian von Koenigsegg, Founder and CEO of Koenigsegg, commented on the announcement:
“Koenigsegg is breaking new ground, capitalising on our unique technology, performance track record and market position to explore and develop new products. This partnership will create the best conditions for Koenigsegg to accelerate growth in the hyper car market, as well as enabling us to break ground into an untapped market segment together with NEVS. We very much look forward to working together with NEVS to develop products that ensure a sustainable future.”
The CEO of the world-famous supercar maker recently said that the new Tesla Roadster is ’embarrassing’ them and it is pushing them to look more into all-electric vehicles.
The company has previously incorporated hybrid electric powertrains into its vehicles, but they have yet to go all-electric.
Kai Johan Jiang, Chairman of the Board of Directors at NEVS AB, also commented on the new partnership:
“Koenigsegg is an enticing company developing advanced cars with unique technology and with a customer base that is one of a kind. To be able to expand our investment in the Swedish automotive industry through a company that we know and have an established relationship with, is an important step for us. We have both competencies and facilities to support Koenigsegg on their journey forward, something we look very much forward to”,
NEVS’ investment in Koenigsegg comes after they secured $2 billion in funding from China’s Evergrande Group, best known in the EV community for having taken a large stake in Faraday Future.
FTC: We use income earning auto affiliate links. More.