Swedish EV Manufacturer Signs $12 Billion EV Deal With Panda New Energy

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Swedish auto manufacturer National Electric Vehicle Sweden (NEVS), maker of Saab automobiles, has signed a massive $12 billion strategic collaboration agreement with Panda New Energy Co., Ltd., that signs NEVS up to provide Panda New Energy with 150,000 9-3 sedan electric vehicles between now and 2020. Also included in the collaboration are 100,000 other EV products and services from other NEVS companies.

Those not in the know might question the validity of this new deal. However, Panda New Energy Co., Ltd., is a “new energy” vehicle leasing company that cooperates with many chauffeured car service platforms in China. Net — it purchases tons of clean cars and rents them out to limo, taxi, and other private vehicle services. So, the deal makes sense… as does the company’s lack of visibility on the public radar, since it typically plays behind the scenes.

Saab 9-3 EV Prototype | Image Credit: Saab

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Both NEVS and Panda New Energy seem excited by the announcement and see it as a deal indicative of an industry-wide shift towards the electrification of fleets. Stefan Tilk, Vice Chairman of NEVS, says of the deal:

“This is a strategic collaboration for NEVS not only in terms of the numbers of vehicles, but it is also an important step to implement our vision and new business plan. In the long term, we want to provide our customers with both sustainable products and mobility services.”

Panda New Energy Chairman Ma Chao shared the startup’s excitement about bringing these new vehicles into the fleet over the next few years:

”We are very pleased to form a cooperation with NEVS, a company with a rich innovation heritage and the right ability to fulfill our demands. Being in an emerging market for new energy vehicles, we are happy to find a partner who shares our commitment to the environment.”

Saab 9-3 EV Prototype | Image Credit: Saab

While NEVS is a staple Swedish company, it is actually co-owned by National Modern Energy Holdings, Tianjin Binhai Hi-tech industrial Development Area (THT), and the Beijing State Research Information Technology Co., Ltd. (SRIT). File this away as another Chinese-funded venture to keep an eye on. Might I recommend a factory of some sort in Nevada with some offices in California?

Source: Saab Cars

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Kyle Field

I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. As an activist investor, Kyle owns long term holdings in Tesla, Lightning eMotors, Arcimoto, and SolarEdge.

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