Monday, September 29, 2014

NEVS Lays Off 200 In Reorganization Plan

National-Electric-Vehicle-Sweden

With the Saab name reclaimed by the mothership, a host of financial problems, and no product beyond a 10-year-old platform, what else is left for National Electric Vehicles Sweden to do? If you said, "Tap out," you're one count away from completing the three-count.

Reuters reports the automaker has laid off 200 workers due to a lack of work as of late, work that likely won't be coming anytime soon. NEVS says the move was part of its reorganization plan that will be presented at a creditors' meeting October 8.

Originally, the workers were retained since production ceased in May 2014 in the hope that financing would soon come its way to restart work immediately. The remaining staff will keep the factory in good condition should NEVS secure the needed financing to resume assembly.

At present, the automaker owes kr400 million ($56 million USD) to its creditors, and is allegedly in talks with two unknown firms — speculation says Mahindra is one of them — to gain a financial jumpstart for an electric variant of the 9-3, currently in the prototype phase.

The post NEVS Lays Off 200 In Reorganization Plan appeared first on The Truth About Cars.



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