National Electric Vehicle Sweden (NEVS), the holding company that acquired the assets of Saab Automobile in 2012 has been granted a license by the Chinese government to begin production of electric vehicles.
Green Car Congress reports that the license was awarded by the Chinese National Development Reform Commission (NDRC) and is the first joint venture between a domestic manufacturer and foreign interests to be approved for the New Energy Passenger Vehicle Project investment program.
Expected to be completed by the end of 2017, NEVS’ manufacturing facility in Tianjin will have an annual production capacity of 200,000 vehicles.
The company will initially be focused on delivering 150,000 electric sedans based on the Saab 9-3 to partner Panda New Energy, part of a three year deal with the leasing company that could generate as much as $12 billion in revenue.
While NEVS has announced plans to expand its product portfolio, those hoping for a revival of the Saab marque will be disappointed. The company announced in June that it would no longer be using the trademark.
Read full article at: Green Car Congress »