NEVS in Deal with Qingdao to Make Saab EV in China

National Electric Vehicle Sweden AB (NEVS) has entered into a deal with the city of Qingdao in China so as to launch their Saab EV in the communist nation by early 2014. NEVS is the owner of bankrupt Saab Automobile and their latest deal was signed with investment company Qingdao Qingbo in China.

Reports say that the Chinese company signed a contract with NEVS and they will invest around $307.33 million and will receive 22 percent of the NEVS shares.

Right now no details are available about when the deal will get kicked off. But NEVS has already announced that it will launch its first EV by early 2014.

According to NEVS, China is a prominent market for Saab vehicles and now Qingdao will act as a door to them to enter into the Chinese market.

NEVS, the Swedish automaker is also looking forward to start the production of their Saab 9-3, an EV model before the bankruptcy that is fixed to the second half of 2013.

Currently, the company has plans to ship the vehicles from Sweden to the Qingdao port and the vehicles will be distributed at the Chinese market.

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