Official: Koenigsegg Ends Electric Vehicle Joint Venture

Supercars / Comments

The less than three-year-old deal comes to an end.

Starting a car company from scratch is probably one of the most difficult tasks in the business world. Christian von Koenigsegg managed to succeed beyond probably even his wildest imagination. Founded in Sweden in 1994, Koenigsegg has become one of the world's most exclusive hypercar companies and a technological powerhouse. The all-new Koenigsegg Jesko and Jesko Absolut are prime examples. Like all automakers today, Koenigsegg is quickly delving into the world of battery-electric vehicles and related technologies.

In January 2019, it announced the formation of a strategic partnership with fellow Swedish car company NEVS to create a company called Meneko. The mutual goal was to increase the development speed of electrification technologies. Koenigsegg sold a 20 percent stake to NEVS for around $171 million.

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Today, Koenigsegg has formally announced the buyback of NEVS's 65 percent stake in Meneko, which is tasked with building the upcoming Gemera four-seat hypercar.

"Koenigsegg's strong and stable growth both operationally and financially enables us to buy back NEVS's ownership in Meneko and take full ownership of the joint venture", said von Koenigsegg. "I would like to thank NEVS and their excellent team for their cooperation so far and I look forward to continuing our operational collaboration with NEVS in this and other projects."

Koenigsegg's goal is to build 300 examples of the Gemera at a brand-new production facility that's currently in an advanced stage of construction. Assuming everything remains on schedule, the first Gemeras will roll off the assembly line starting in 2023.

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Von Koenigsegg adds that the company is continuing to "invest in new facilities, competence, and infrastructure." Its strong financial position not only enables it to complete this expensive buyback, but also retain complete control of its financial future and overall destiny. Not bad for a company that's only 27 years old. Privately-owned exclusive carmakers oftentimes seek outside financial support for long-term health.

Pagani and McLaren are two prime examples. Rimac has taken a somewhat opposite approach by signing massive collaboration agreements with big guns like the Volkswagen Group and Hyundai. Koenigsegg has now returned to its original state of being a fully privately-owned venture. Will it stay this way? Who knows. For now, von Koenigsegg himself is back in complete control.

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