Ever wondered what Indian curry and Swedish meatballs tasted like together? You will soon enough, thanks to a new deal between National Electric Vehicle Sweden and Mahindra.
SaabsUnited reports Mahindra & Mahindra purchased a majority stake in NEVS in an agreement that keeps Mahindra’s identity secret until the agreement is made final.
Though NEVS’ administrator Lars Eric Gustafsson wouldn’t confirm Mahindra as the party purchasing the stake, he said the deal would finance operating costs — to the tune of €5 million ($6.2 million USD) until the agreement is finalized, which is expected to occur February of 2015. Gustafsson added that NEVS was in talks with another Asian manufacturer about the possibility of a joint venture.
Meanwhile, the company is still undergoing reorganization, granted by the Vänersborg District Court in Vänersborg, Sweden late August of this year. NEVS petitioned for an three-month extension Monday.
As for the Saab name, NEVS plans to renegotiate the brand agreement with owner SAAB AB once its finances are more stable. The company lost the name after filing for creditor protection.
The post Mahindra Buys Majority Stake In NEVS appeared first on The Truth About Cars.
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