National Electric Vehicle Sweden (Nevs) has revealed it has an order to deliver 150,000 electric Saab 9-3 cars as part of a £8.5 billion deal.
Saab has not had the easiest of times in recent years, and even when it landed in the hands of National Electric Vehicle Sweden (Nevs) – with the promise of strong Chinese funding – it still nearly came a cropper and needed creditor protection from the Swedish courts to stay afloat.
But by this time last year, NEVS had secured backing to continue – and function without court protection – and now they’ve revealed a deal worth £8.5 billion with Chinese company Panda New Energy to supply 150,000 electric Saab 9-3 cars, 100,000 other EV products and services by 2020.
The Chinese company putting up the cash – Panda New Energy Co. Ltd – is a new energy car leasing company working with car chauffeur firms to supply emission free cars in China, a huge potential market as the country tries to address its air pollution problems in cities.
Ma Chao of Panda New Energy said:
We are very pleased to form a cooperation with Nevs, a company with a rich innovation heritage and the right ability to fulfil our demands. Being in an emerging market for new energy vehicles, we are happy to find a partner who shares our commitment to the environment.
It’s a big turnaround from near bankruptcy for NEVS to a deal of this size in just a year, a challenge they no doubt met thanks to the deep pockets and impeccable contacts of Kai Johan Jiang. Victor Muller must be green with envy.
Well done Saab/NEVS.