Saab to setup shop in Qingdao, China

Saab's parent company, National Electric Vehicles Sweden (NEVS), has entered into a long term partnership with the Chinese city of Qingdao.

Saab's parent company, National Electric Vehicles Sweden (NEVS), has entered into a long term partnership with the Chinese city of Qingdao.

As part of the agreement, Qingdao will invest 2 billion SEK ($304 USD / €233 million) into NEVS in exchange for a 22 percent stake in the company. Qingdao will also become a key hub for Saab China as cars will be shipped into the city's port. When production at the Trollhättan factory reaches capacity, NEVS will establish a new manufacturing facility in Qingdao.

In a statement, NEVS Chairman Karl-Erling Trogen said "This agreement provides financial resources that form an important contribution to enable implementation of the NEVS business plan."

As we have previously reported, Saab is expected to resume production of the 9-3 in the second half of this year. It will eventually be followed by an electric vehicle which is slated to be launched in early 2014.

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Automaker Saab
Article type Corporate/Financial
Tags national electric vehicles sweden, nevs, nevs investment, qingdao, saab investment