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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.

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