Chinese orders satisfy NEVS
The company that bought Saab has just signed another huge deal to sell electric cars to China.
National Electric Vehicle Sweden (NEVS), which bought Saab in 2012, will supply 20,000 Saab 9-3 electric cars to aerospace company China Volant Industry Co (Volinco).
The deal is worth about $1bn to NEVS, and follows its $12bn contract to supply 150,000 Saab 9-3 to Panda New Energy.
Like the Panda deal, NEVS will build and paint components of the 20,000 cars in Sweden before shipping to China for final assembly.
The vehicles will be used by Volinco employees, and delivery is expected to begin next year.
As part of the deal, NEVS will also gain access to Volinco’s parts suppliers, which should help its own production plans.