National Electric Vehicle Sweden (Nevs) and Chinese company, Panda New Energy have signed a collaboration agreement worth RMB78bn (US$12bn).

Nevs will provide Panda with 150,000 9-3 sedan electric vehicles until the end of 2020. In addition, the agreement also includes 100,000 other EV products and services from companies associated to Nevs and its owners.

Panda New Energy is a vehicle leasing company with focus on low emission mobility solutions. Cooperating with many chauffeured car service platforms in China, Panda aims to become a significant EV leasing company.

"This is a 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," said Nevs vice chairman, Stefan Tilk.

"In the long term, we want to provide our customers with both sustainable products and mobility services."

For his part, Panda New Energy chairman, Ma Chao added: "We are pleased to form a cooperation with Nevs, a company with a rich innovation heritage and the ability to fulfil our demands.

"Being in an emerging market for new energy vehicles, we are happy to find a partner who shares our commitment to the environment."

Nevs acquired the main assets of the former Saab Automobile in 2012 and is co-owned by National Modern Energy Holdings and Tianjin Binhai Hi-tech industrial Development Area (THT), as well as Beijing State Research Information Technology (SRIT).