EV Electra acquires Emily and Pons projects from NEVS
The Canadian company EV Electra acquires the Emily GT and PONS projects from NEVS.
“It’s fantastic that we have found a buyer who sees the value in the legacy of the iconic cars that have been built and developed in Trollhättan over the years”, says NEVS CEO Nina Selander.
“It’s fantastic that we have found a buyer who sees the value in the legacy of the iconic cars that have been built and developed in Trollhättan over the years”, says NEVS CEO Nina Selander.
Emily GT made headlines in the automotive world when it was shown earlier this year. The car was developed in just 9 months by NEV’s engineers and was hailed by test drivers for design and technical features. The PONS project is an autonomous city mobility service system.
Following extensive negotiations, the transition of ownership to EV Electra marks a new chapter for both projects, securing their future in Trollhättan. EV Electra establishes a new subsidiary in Sweden to underline their dedication to developing and manufacturing the projects locally.
EV Electra Ltd , Canadian Company, recently announced that a Letter of Intent for a reverse merger (LOI) that outlines a definitive plan for its reverse merger share agreement has been signed. The company is soon to start assembly of their first cars at the company’s plant in Turkey.
“We will have cars coming out of Trollhättan again. We did this acquisition fully aware that we will need to back it all the way through development to mass production.”, says EV Electra CEO and founder Jihad Mohammad.
“I am firm believer in in-house production and strong balance sheets. I also believe Trollhättan has the personnel that can make our visions come true.
"The acquisition of the PONS and Emily projects signifies a pivotal milestone in our pursuit of innovation and sustainability. We are thrilled to embark on this journey."
Further details regarding the development, production timelines, and the initiation of hiring processes will be disclosed in subsequent communications. Notably, the iconic Emily GT will retain its model name as the EV Electra Emily GT.
Nina Selander, CEO of NEVS, expressed her elation at the news, emphasizing the importance of continuity and Scandinavian identity:
"Today's development is beyond words for me. The commitment to Trollhättan's operations not only reinforces local presence but also ensures the preservation of our projects' unique identity. This realization of shared dreams marks a profound moment for NEVS and EV Electra."
For media inquiries and additional information, please contact:
EV Electra press@evelectra.com
