Manufacturing News

Saab owner to build 1.2 billion yuan EV plant in China

China's National Electric Vehicle Sweden, which owns the assets of bankrupt Swedish automaker Saab, broke ground on a plant in the northeast China city of Tianjin to produce electric vehicles.

NEVS said it would spend 1.2 billion yuan ($200 million) to build the plant, which will produce up to 200,000 vehicles annually.

The company did not release any details about the EV and it's not clear whether the vehicle will be marketed under Saab.

In 2012, NEVS purchased the assets of bankrupt automaker Saab and built a handful of Saab 9-3 models in Trollhattan, Sweden. Last year, NEVS halted production and sought bankruptcy protection in September.

After NEVS went into bankruptcy, Saab AB, the Swedish defense firm that held the rights to the Saab brand, withdrew permission for NEVS to use it.

To gain backing for its new Chinese assembly plant, NEVs has formed joint ventures with State Research Information Technology and Beijing Teamsun Technology Co.

Teamsun, a Beijing-based software developer, was founded in 1998. SRIT, a provider of information technology, is owned by the state-owned China Research Development Center and telecommunications giant China Unicom.

SRIT will contribute 1 billion yuan, while Teamsum will invest 200 million yuan.

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