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Evergrande Group, the Chinese company who has taken a large stake in Faraday Future, is investing $2 billion into National Electric Vehicle Sweden – better know as NEVS.

Chinese investor Kai Johan Jiang bought the assets of struggling automaker SAAB back in 2012, to transform it into an EV manufacturer. Since then, NEVS has built a vehicle manufacturing plant in Tianjin and is currently building a second plant in Shanghai.

Through its revival, the new owners have brought the SAAB 9-3 back into production as its first EV, showing great progress within the company. However, NEVS needed to ramp up its production, so has welcomed the latest investment with open arms.

“I am very pleased with this,” said Stefan Tilk, CEO at NEVS. “It means that NEVS will get a financial strong main owner who also is very interested in developing our vision about green mobility transport solutions for the future.”

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