National Electric Vehicle Sweden (NEVS) has announced the District court of Vänersborg has granted their request for creditor protection.

National Electric Vehicle Sweden (NEVS) has announced the District court of Vänersborg has granted their request for creditor protection.

The company didn't have much to say about the decision but they have previously stated it was necessary to prevent the Swedish Enforcement Authority from selling their assets and killing a potential deal with two automakers.

While NEVS is keeping quiet, Reuters is reporting the company owes approximately 400 million crowns ($57.2 / £34.4 / € 43.5 million) to suppliers. NEVS has previously said a "vast majority" of them are awaiting the outcome of the negotiations with the two potential partners but others pushing for government intervention and a possible sale of assets.

Despite the glimmer of good news, a Saab AB - the Swedish aerospace and defense company - spokesperson told Dagens Industri NEVS' filing gives them the right to revoke their brand agreement and use of the Saab name. This would effectively kill the Saab moniker but a NEVS spokesperson said they are optimistic that a new agreement can be reached when their financial situation improves.

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