National Electric Vehicle Sweden (Nevs) has signed a framework agreement about acquiring a stake in a transport vehicle manufacturing company in Fujian province, China.
New Long Ma (NLM), is located in the Fujian province, and is a part of the Fujian Motors Group, owned by the Fujian provincial government. The company has during the last three years invested three billion RMB in a new plant that today has a production capacity of 150 000 vehicles per year.
NLM’s product portfolio includes an electric commercial distribution minivan which is a part of the agreement. Today this product is the third most sold electric minivan in China, with over 12 000 units sold during its first production year 2015.
“This deal broadens our product portfolio with an additional vehicle type which contribute to our vision of sustainable transport solutions. The deal is of significant strategic importance to implement our business plan and this will speed up our time to market.“ Said Kai Johan Jiang, Chairman of Nevs.
The cooperation will also play an active role in fulfilling Nevs’ offer to Panda New Energy with 50,000 electric logistic vans and 50,000 electric mini bus.
The framework agreement is signed by the Fujian Motors Group, Long Ma Industrial Co.,Ltd, Nevs AB and Nevs’ part owner State research Information Technology, SRIT. According to the agreement Nevs will acquire 50% of the shares of New Long Ma and SRIT 15%. Fujian Motors Group remains as a 20% owner and Long Ma and others 15%.