SWEDEN: Tianjin to inject US$200m into new NEVS factory

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Electric Vehicle Market


Tianjin Binhai Hi-tech Industrial Development Area (THT), according to National Electric Vehicle Sweden (NEVS), will invest US$200 million in the Swedish automaker as it seeks to construct a new factory in China within two years for its EV breakthrough.

This week (May 27), word came that NEVS had obtained THT's support, along with that of the Beijing State Research Information Technology Company (SRIT), with both partners ultimately owning about 30% of the Swedish company.

According to a NEVS spokesman from Sweden, "Since the beginning, NEVS has always been very clear if we are developing a series of car models." We need a lot of investment, and the Tianjin partnership will be where we can begin constructing the following manufacturing facility:

That is a very strategic area because Tianjin has a long history in the automotive industry and has a sizable supplier base that we could tap into. We will have two joint ventures in Tianjin, one for production and the other for research and development. They will purchase the shares from Tianjin for $200 million USD.

The joint venture's production facility will receive the bulk of the upcoming investments. The headquarters for NEVS's product development will always be in Trollhättan. Our goal is to work together to begin producing electric vehicles for the Chinese market. "Tianjin will serve as a base for China and neighboring countries," the Chinese government declared.

A battery electric vehicle and a portfolio of electric vehicles built on NEVS' new vehicle architecture will be produced in Tianjin's manufacturing facility after the electric vehicle Market that will serve as the facility's inaugural model.

Electric Vehicle Market


According to NEVS president Mattias Bergman, "NEVS' focus is to produce high quality electric vehicles with China as its initial main market."

We will be able to realize our vision and goal of having a global strategic presence thanks to our long-term partnership with the Tianjin development area THT and the IT industry pioneer SRIT, which is a significant addition to the resources we already have in Trollhättan.

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