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NEVS inks $12 billion deal with Chinese electric vehicle leasing firm

STOCKHOLM, Sweden – National Electric Vehicle Sweden (NEVS), a Chinese-owned electric vehicle company born out of the ashes of Swedish automaker Saab, has inked a $12 billion deal with a Chinese firm Panda New Energy Co. (Panda), a vehicle leasing company with a focus on low emissions mobility solutions, according to a NEVS announcement.

The company said it will provide 150,000 electric sedans based on Saab’s 9-3 platform for Panda by the end of 2020 and the deal also includes 100,000 other electric vehicle products and services “from companies associated with NEVS and its owners.”

“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,” said NEVS vice chairman Stefan Tilk in a statement.

NEVS spokesman Mikael Ostlund said the body of the electric vehicles would be built in Trollhattan, while the final assembly would be made in NEVS’ factory in China.

NEVS is co-owned by National Modern Energy Holdings, the Beijing State Research Information Technology Co. (SRIT) and Chinese industrial park Tianjin Binhai Hi-Tech Industrial Development Area (THT). Created in 2012, it has so far sold only a limited number of gasoline-powered cars based on Saab’s latest model.

NEVS said at the time of the purchase of Saab’s assets that it would convert the Saab 9-3 to electric power, while simultaneously developing an all-new model to produce in Sweden for the European market and in China for the Chinese market. The deal is the first it has signed in line with its plans to go electric.

Panda, which is based in Shenzhen in southern China, cooperates with chauffeured car service platforms in China, and aims to become one of the biggest electric vehicle leasing companies in the world.

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