China’s Evergrande Group, a major investor in electric-car startup Faraday Future, has bought a majority stake in National Electric Vehicles Sweden (NEVS), the Chinese-backed company that bought the remains of Saab in 2012 after the Swedish automaker’s bankruptcy.
Evergrande Group acquired a controlling interest in the company after buying a 51 per cent share of its holdings.
Spearheading NEVS planned Saab revival would be a 9-3-based all-electric saloon called the 9-3 EV.
The company’s manufacturing plant in Tianjin, China was completed in 2017, tasked with building the 9-3 EV in a preliminary production run of 50,000 units, followed by a scaled-up run of 220,000 units.
However, the first 9-3 EVs are only due to reach their Chinese buyers later this year, two years after production officially commenced.
The cash injection from Evergrande Group will be used to help increase production and assist with the company’s research and development into autonomous cars.
It’s reported that NEVS plans to expand its interest globally by commencing production of the 9-3 EV at its plant in Trollhättan, Sweden.