NEVS: we’re not insolvent, suppliers will eventually be paid
13 August 2014
National Electric Vehicle Sweden (NEVS), the financially struggling company resurrecting the Saab brand, issued a statement saying that while it does not have enough liquid cash as today to pay all outstanding debt, it is not insolvent; its assets are larger than its debt. (Earlier post.) NEVS added that it cannot say exactly when, but its suppliers will get paid.
In May, NEVS halted production of its vehicles (then at 6 units per day). During the summer, the dialogues with the two major vehicle manufacturers have continued and developed in a positive direction, according to the company. Discussions have not been finalized yet.
After the funding is secured, along with a concomitant update to the NEVS business plan, NEVS said it will be able to make the decision on when the Trollhattan factory can resume its production.
The company said that a supplier which had filed a bankruptcy petition informed NEVS today that it will withdraw the case after receiving the information regarding the ongoing dialogues with the vehicle manufacturers.