National Electric Vehicle Sweden (NEVS) has signed a massive $12 (€11 / ¥ 78) billion strategic collaboration agreement with China's Panda New Energy.

National Electric Vehicle Sweden (NEVS) has signed a massive $12 (€11 / ¥ 78) billion strategic collaboration agreement with China's Panda New Energy.

Under the terms of the deal, NEVS will provide Panda New Energy with 150,000 9-3 sedan electric vehicles by the end of 2020.  The company and its associates will also provide 100,000 other "EV products and services" to the Chinese firm.

Panda New Energy is an eco-friendly vehicle leasing company that cooperates with "many chauffeured car service platforms in China."  The acquisition of 150,000 Saab 9-3 EVs will go a long way in helping Panda New Energy reach its goal of becoming one of the largest electric vehicle leasing companies in the world.

In a statement, NEVS Vice Chairman Stefan Tilk said "This is a strategic collaboration for NEVS not only in terms of the numbers of vehicles, but it is also an important step to implement our vision and new business plan. In the long term, we want to provide our customers with both sustainable products and mobility services."

The massive deal will also provide much needed cash to help NEVS launch four Phoenix-based models including a midsize fastback, a compact crossover, a midsize crossover, and a large "family" crossover.

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