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Saab Owner to Sell Stake to Chinese City
The city of Qingdao in eastern China has agreed to buy a 22% stake in National Electric Vehicle Sweden AB for 2 billion kronor (€234 million), according to the company.
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The city of Qingdao in eastern China has agreed to buy a 22% stake in National Electric Vehicle Sweden AB for 2 billion kronor (€234 million), according to the company.
NEVS didn't say when the deal would be completed. The company is owned by a Chinese-Japanese consortium that bought most of Saab Automobile's assets out of bankruptcy last June.
In exchange for the city's investment, the EV maker has pledged to open car factory in Qingdao after its Swedish plant reaches full operating capacity. NEVS, which plans to focus on the Chinese market, expects to initially import vehicles.
The company has said it could launch its first model this summer: the existing gasoline-powered Saab 9-3 sedan that went out of production in early 2011. NEVS insists it still aims to debut an EV next year.
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