Company that once tried to save Saab has shut down

, a Swedish electric-vehicle startup most widely recognized for its attempt to restart production of Saab cars early last decade, shut down itself this month.

In a terse statement on the NEVS website, the company said it is closing down its production development activities as part of a “hibernation plan.” The company also said it is taking inquires about the sale of its properties. reported last week that Polestar has applied to use a former Saab R&D facility in Trollhättan, Sweden, for development of electric powertrains.

NEVS was last owned by Evergrande Group, the Chinese conglomerate whose main property development arm ran into financial trouble in 2021 with debts of over $300 billion. At that time, with funding drying up, NEVS went on the look out for a buyer.

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