After a very tumultuous few years, Saab is back in business with its owners, National Electric Vehicle Sweden (NEVS), signing a deal with a Chinese company to supply 150,000 electric Saab 9-3 models by the end of 2020.
NEVS has signed the deal with Panda New Energy, a leasing firm from China believed to be worth around $12 million.
Alongside the 150,000 vehicles it will be supplying to Panda New Energy itself, NEVS will provide a further 100,000 electric vehicles from companies it is associated with to Panda.
The deal is certainly the most significant development for Saab since 2012, when its assets were purchased by NEVS. The company only exited corporate reorganization in April.
Discussing the news, NEVS vice chairman Stefan Tilk said: “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.”
The $12 billion deal will prove important for Saab, as it attempts to launch four electric vehicles by 2018: a compact SUV, a mid-sized SUV, a mid-sized crossover and a mid-sized fastback.