National Electric Vehicle Sweden (NEVS) has formally signed the contract to acquire a stake in the New Long Ma manufacturing company in Fujian.

Parties involved in inking the deal were Fujian Motors Group, Long Ma Industrial Co, NEVS and State Research Information Technology, SRIT.

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%.

Fujian New Long Ma Motor was established in 1997 with a registered capital of RMB1.2bn (US$184m).

New Long Ma Motor is affiliated to Fujian Motors Group, which owns Fujian Benz, a commercial vehicle manufacturing base through cooperation with Daimler, a China listed vehicle company King Long Motor Group and a JV between China Motor and Mitsubishi Motors known as South East Motor.

NEVS was founded in 2012 and acquired the main assets of Saab Automobile. The company is owned by NME Holdings in Tianjin City, the Tianjin Binhai Hi-tech Industrial Development Area, (THT) and State Research Information Technology (SRIT).

NEVS’ head office and main research and development facilities are located in Trollhättan, Sweden along with the car production plant. A second production plant and an R&D Centre are under construction in Tianjin.