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Too soon to tell Posted by NCCaniac [Email]  (#352)  [Profile/Gallery]
(more from NCCaniac) on Tue, 20 May 2014 07:02:47
In Reply to: Status update from Nevs (long, but good news?), AeroEd, Tue, 20 May 2014 05:24:31 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Sounds like they are scrambling a bit to get new financing after a big chunk of their financing from from the city/economic region of Qingdao has not come through as promised. (No real explanation of what happened with that.)
Just like with Spyker, it takes a lot of cash up front when ramping up development and production again and if you hit a bump in your cash flow, it can spiral quickly to lose confidence with suppliers after it took them a long time to rebuild the supply chain.
So far, it seemed like NEVS was proceeding very deliberately with good financial backing and not promising more than they could deliver, but this press release sounds a bit like trying to reassure everyone that things are OK and new funding is coming soon. But, that is the same thing that Spyker said while trying to line up the new funding. What is interesting is the NEVS sale was originally approved due to the supposed good funding coming out of China. If that has dried up, then not sure how NEVS is in any better shape than some of the other bidders a few years ago (like Mahindra).
Some of the folks on SU who are closer to folks involved with NEVS seem to view this as pretty serious. Time will tell.
_______________________________________ 1971 Sonett III (since 2010) 2000 9-3 5-door (since new) 2008 9-5 2.3T SportCombi (since 2014)
, Wed, 21 May 2014 09:58:44, Wed, 21 May 2014 09:59:18, Tue, 20 May 2014 08:30:49, Wed, 21 May 2014 08:48:04, Tue, 20 May 2014 07:02:47 <-- Viewing This Message
, Tue, 20 May 2014 06:13:43
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