Asian Tech Press (Oct 20) -- National Electric Vehicle Sweden (NEVS) AB, a subsidiary of China's Evergrande Group, is reportedly in talks with venture capital firms and industry partners in the U.S. and Europe to find a new owner.

Sources within the major property developer's electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd. (Evergrande Auto, 0708.HK), confirmed the authenticity of the report to the media on Tuesday.

According to reports, Stefan Tilk, CEO of NEVS AB, said in a media interview that the company is negotiating with European and American companies for a potential sale or other financing, and several investors have already shown interest in it.

Some analysts believe that Evergrande Auto's sale of NEVS AB is aimed at reducing debt and cash flow pressure.