Saab halts production

May 22, 2014 1:27 am

Saab has said it has suspended production temporarily because of a lack of funds at China’s National Electric Vehicle Sweden (NEVS), Reuters has reported. NEVS said it currently doesn’t have enough cash to pay outstanding debt. “The reason is that NEVS’ part-owner, Qingbo Investment Co, has not fulfilled its commitment to, when necessary, finance NEVS’ activity,” it said. “NEVS is therefore making a temporary and controlled halt of production, which hitherto has been six cars per day, and is reducing agency staff.”