Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.
-
About the 2020 Lincoln Aviator
Successful vehicles tend to be those that are available on a global basis, and increasingly, those vehicles tend to be in the SUV segment writ large.