National Electric Vehicle Sweden (NEVS) held its project launching ceremony for the production and research & development joint ventures in Tianjin Binhai Hi-tech zone on 28th June, marking the start of NEVS’ strategic setup in China.
NEVS’ Tianjin factory will be focused on new energy vehicles with an annual capacity of 200,000 units. NEVS will thus have two global production units, with the Trollhättan factory to support the Tianjin factory with manufacturing planning, workers training and product supply in the initial stage.
NEVS recently announced two new strategic shareholders from China with the city of Tianjin and State Research Information Technology (SRIT). Now two Chinese joint ventures are registered. Besides NEVS, the parties are SRIT and the IT company Teamsun, with initial respective investments of 1 billion RMB (US$160 million) and 200 million RMB (US$31.8 million). The three parties will combine their industrial and software engineering competence to co-develop future car connectivity systems.
At the same time the Bank of China granted NEVS a credit of 10 billion RMB (US$1.6 billion) to support the development of NEVS’ business in China.
There will be a close collaboration between the R&D efforts in China and in Sweden to generate future vehicle technology and to develop tailor-made vehicle models for the Chinese consumers.
Based on the engineering expertise and experience in Sweden, the R&D in Tianjin is also designed to provide engineering services to other Chinese brands, creating synergies with NEVS’ own products.