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   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
NEVS' electric car developed on the Saab 9-3 platform
Chinese health care company to buy 51% stake in Swedish EV maker NEVS
Automotive News China | 2019/1/18

Chinese health care services provider Evergrande Health Industry Group agreed to acquire 51 percent interest in Swedish electric vehicle maker National Electric Vehicle Sweden.

The $930 million (6.3 billion yuan) deal, signed Tuesday, will be closed at the end of January, Evergrande Health said.

Evergrande Health is a Hong Kong-listed subsidiary of China Evergrande Group, a leading real estate developer in China. 

In 2012, NEVS, founded in Trollhattan, Sweden, by Chinese-born, Swedish businessman Kai Johan Jiang, acquired the assets of bankrupt Swedish automaker Saab Automobile AB to produce EVs using the Saab 9-3 platform. 

In 2018, NEVS completed the construction of a plant in the north China port city of Tianjin, which can assemble up to 50,000 EVs initially. It also plans to build assembly plants in Trollhattan and Shanghai.

Evergrande Health struck the deal with NEVS two weeks after it settled a legal dispute with Faraday Future, an EV startup founded by Chinese entrepreneur Jia Yueting in Los Angeles. 

In June, Evergrande Health purchased 45 percent of Faraday Future for 6.7 billion Hong Kong dollars. Three months later, a legal tussle started between the two companies after Evergrande Health withheld a planned $2 billion investment.

On December 31, the two sides restructured the deal to grant Evergrande full ownership of Faraday Futureí»s subsidiary in Hong Kong and 32 percent preference shares in Faraday Future. In return, Evergande will allow Faraday Future to raise capital from other sources and buy back the preference shares in the future.

Related Stories
  • 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
  • Inside VW's blueprint to meet Beijing's quotas for EV output
  •     --Published:2019/25/1
  • EV startup Byton opens store in Shanghai
  •     --Published:2019/22/1
  • Magna opens engineering joint venture with BAIC's EV unit
  •     --Published:2019/18/1
  • Everybody wants to be the next Elon Musk (at least in China)
  •     --Published:2019/18/1
  • Who is buying EVs in China?
  •     --Published:2019/18/1
  • EV startup Nio delivers more than 11,000 vehicles since late June
  •     --Published:2019/18/1

    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.