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
-
Aluminum Sheet for EV Battery Enclosure
As the number of electric vehicles (EVs) is about to increase almost exponentially, aluminum supplier Novelis is preparing to provide customers with protective solutions
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.