When Saab met its demise in the early 2010s, New Electric Vehicle Sweden (NEVS) purchased its assets. Under new ownership, the firm was working on an electric version of the Saab 9-3, creatively named the NEVS 9-3EV. It offered around 175 horsepower and 190 miles of range. The 9-3EV's initial deliveries commenced in late 2018, but the car never made it to the mass production stage.
Early the following year, China-based Evergrande Group purchased a majority stake in the NEVS. Evergrande Group also purchased $2 billion in Faraday Future back in 2018. In 2020, the corporation wanted to enhance its influence in the EV space, so it completely acquired NEVS.
