Koenigsegg Automotive AB was founded by Christian von Koenigsegg in Sweden in 1994 with the goal of producing a "world-class" sports car. After years of development, the company introduced its first street-legal production car, the CC8S, in 2002. In 2006, Koenigsegg began production of the CCX, which was homologated for use worldwide and designed to meet the strict regulations of the United States. Koenigsegg is also involved in "green technology" development programs and has developed its own in-house systems, subsystems, and components. In 2019, Koenigsegg sold a 20% stake to National Electric Vehicle Sweden (NEVS), but later bought the stake back and owns 100% of the company again.