Saab Auto Owner in Tie-Up with Chinese Car Maker
August 17 2015 - 7:20AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--National Electric Vehicle Sweden AB Monday signed a
long-term strategic deal with Chinese state-owned Dongfeng Motor
Corporation (0489.HK), a move aimed at sharing costs and aiding the
development of its future electric vehicles.
NEVS, the Chinese-backed company that acquired parts of the
bankrupt Saab Automobile in 2012, has worked with Dongfeng on
vehicle development projects for the last month. The companies have
now agreed to expand their cooperation from technical development
to additional business areas such as global purchasing and
distribution networks.
Dongfeng will support NEVS in new vehicle production, R&D
and sales and service, while NEVS will guide Dongfeng in regulation
and technical specifications of its vehicles for overseas markets,
as well as helping develop European and North American markets.
"Through this cooperation, NEVS will be able to create
industrial synergies, share the development costs, expand the
supplier bases and increase the overall competitiveness for our own
future products," said NEVS President Mattias Bergman.
The Swedish brand has had a turbulent existence since it bought
parts of Saab Automobile. It stopped production at the old Saab
factory in Sweden last year amid a lack of funding, went through a
restructure after filing for bankruptcy protection, and lost the
rights to use the Saab brand name. But earlier this year the
company found new Chinese investors, came out of bankruptcy, and
signed a deal to build a new factory in Tianjin, China.
National Modern Energy Holdings Ltd., a Hong Kong-based holding
company, owns the majority of NEVS.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
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(END) Dow Jones Newswires
August 17, 2015 08:05 ET (12:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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