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Chinese health care company to buy 51% stake in Swedish EV maker NEVS

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Automotive News China | 2019/1/18

Chinese health care services provider Evergrande Health Industry Group agreed to acquire 51 percent interest in Swedish electric vehicle maker National Electric Vehicle Sweden.

The $930 million (6.3 billion yuan) deal, signed Tuesday, will be closed at the end of January, Evergrande Health said.

Evergrande Health is a Hong Kong-listed subsidiary of China Evergrande Group, a leading real estate developer in China.

In 2012, NEVS, founded in Trollhattan, Sweden, by Chinese-born, Swedish businessman Kai Johan Jiang, acquired the assets of bankrupt Swedish automaker Saab Automobile AB to produce EVs using the Saab 9-3 platform.

In 2018, NEVS completed the construction of a plant in the north China port city of Tianjin, which can assemble up to 50,000 EVs initially. It also plans to build assembly plants in Trollhattan and Shanghai.

Evergrande Health struck the deal with NEVS two weeks after it settled a legal dispute with Faraday Future, an EV startup founded by Chinese entrepreneur Jia Yueting in Los Angeles.

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