National Electric Sweden sets up EV production base in Qingdao
To produce new energy vehicles as well as Saab models
National Electric Vehicle Sweden (NEVS) has entered into a long-term partnership with the Chinese coastal city of Qingdao, the company has said in a news release. The city of Qingdao will invest 2 billion kronor (USD304.57 million), which will entitle it to a 22% ownership share of NEVS. Through its investment company, Qingdao Qingbo Investment Co Ltd, the city signed a contract with NEVS' parent company, National Modern Energy Holdings Ltd. and with NEVS. Further investments will be made in a joint-venture (JV) company to be formed in China. The new partnership will produce new energy vehicles as well as Saab models, the company confirmed.
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