National Electric Vehicle Sweden (NEVS) has filed an application to extend their reorganization for an additional three months.

National Electric Vehicle Sweden (NEVS) has filed an application to extend their reorganization for an additional three months.

While this sounds fairly typical, NEVS used the filing to announce that they have signed a "Term Sheet" with an unidentified Asian manufacturer who intends to become a majority owner in NEVS. The company says the sheet "stipulates the form for further negotiations, commercial terms for an expected final deal as well as the funding to be paid by the OEM player, both through direct investment in NEVS and during the continuation of the negotiation phase until the deal is closed."

The discussions are still ongoing but NEVS says the OEM's Board of Directors will soon give their decision. If they approve the deal, NEVS will receive a bridge loan of 5 million euro per month to cover the reorganization costs until negotiations have been concluded. They go on to say they expect the agreements should be finalized by February at the latest.

While NEVS declined to name the automaker due to a non-disclosure agreement, Saabs United is reporting the mystery OEM is Mahindra. They are also reporting that Mahindra is in talks with SAAB AB - the aerospace and defense company - about using the Saab name.

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