Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
 
China's GSR Capital to invest in Swedish EV maker, open new battery plant
Bloomberg | 2018/3/16

GSR Capital, the Chinese private-equity firm that bought Nissan Motor Co.s battery-making business, plans to invest $500 million in National Electric Vehicle Sweden AB.

GSR said it will also build a battery factory next door to NEVS factory, which is based on the site of a former Saab auto assembly plant in Trollhattan, Sweden. Chinese investors lead by Kai Johan Jiang are turning the Saab factory into an electric vehicle producer, making cars under the NEVS brand.

The factory would make battery packs for 400,000-500,000 cars a year, which means they would not only intend to supply NEVS with batteries, but are counting on other customers in Sweden and Europe, said Fredrik Fryklund, a communications manager at NEVS.

The new facility rivals Northvolt ABs plan to build a 4 billion-euro battery factory in the north of Sweden. GSRs announcement comes a day after Volkswagen AG said it secured 20 billion euros in battery supplies.

GSR didnt say when they expect to complete the battery factory. The investment in NEVS will be made as a loan convertible into company shares.

Related Stories
  • Evergrande to start making electric vehicles in June
  •     --Published:2019/22/3
     
  • GM to launch 9 locally produced electrified vehicles in next 5 years
  •     --Published:2019/15/3
     
  • BAIC sets sights on Europe with electric supercar, crossover
  •     --Published:2019/8/3
     
  • Nio warns of lower Q1 sales, scraps Shanghai plant
  •     --Published:2019/8/3
     
  • TGood says EV battery charging unit breaks even
  •     --Published:2019/5/3
     
  • EVs shine as market's lone bright spot
  •     --Published:2019/22/2
     
  • VW hikes EV target by 50% with China, budget models
  •     --Published:2019/19/2
     
  • China's EV market: Dispelling the myths
  •     --Published:2019/12/2
     
  • China's Arcfox to introduce next-gen crossover concept in Geneva
  •     --Published:2019/8/2
     
  • Koenigsegg teams with Saab successor to go electric
  •     --Published:2019/1/2
     
  • Evergrande Health takes 1.06B yuan stake in Chinese auto battery maker
  •     --Published:2019/29/1
     
  • Didi, BAIC form joint venture to work on green-vehicle projects
  •     --Published:2019/29/1
     
  • BP invests in Chinese electric vehicle charging platform
  •     --Published:2019/25/1
     
  • Germany backs r&d center for EV battery technology to rival Asia producers
  •     --Published:2019/25/1
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    ICP06057291