Chinese City Qingdao to Give Saab $307 Million Boost

Saab 9-3X 1 photo
Photo: Saab
Ever since National Electric Vehicle Sweden AB, or NEVS, took control of Saab, things have gotten extremely quiet, and aside from the auctioning off of some leftover cars they had, there have been no news from Sweden for quite a while. They also closed down their Australian operation earlier this week.
However, that doesn`t meant that people aren`t working on getting the Saab name back out there, with the planned 9-3-based EV, which is currently in development. Now, the Chinese city of Qingdao has just announced that it will be making an investment of $307 million, in order to purchase a 22% stake of NEVS. The deal will be done through its investment company, called Qingdao Qingbo Investment, without which the deal would not have been possible.

The plan is to begin shipping the new cars into China, through the Qingdao port, and once the production output, and the demand, exceed the transport capacity, a new factory would be built in the city. They still need to first get production going at Saab’s home factory, in Trollhattan, in Sweden - no word on when that will happen, though.
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