Electric vehicle manufacturer NEVs has announced plans to manufacture electric vehicle (EV) batteries in Sweden. It will be one of the world's largest such plants.

On March 14, in the presence of the Swedish prime minister Stefan Löfven, an agreement was signed by NEVS and Chinese investment firm GSR Capital, whereby GSR will invest 500 MUSD (about 4 BSEK) in NEVS.

At the same time, GSR unveiled plans to start production of EV batteries on NEVS premises in Trollhättan.

GSR Capital has recently invested money in NEVS. Now GSR confirm the interest by investing heavily in NEVS. According to the contract signed on Wednesday, GSR will invest 500 MUSD.  

“This means a lot for our company. We have been looking for a long term partner and GSR Capital is a very good match, in many ways”, says Stefan Tilk, president and CEO at NEVS.

“GSR will not only give us a financial injection, the company is also very much involved in electric vehicles and the business around EVs, which makes this match even better,” he adds.

EV batteries for all in Sweden 
The EV batteries produced in Trollhättan will be aimed for NEVS vehicles but also for other actors in Sweden.

“NEVS fulfills all the requirements; perfect location, good supply of electrical power, close to the river, roads and trains, and we are situated in the industrial heart of Sweden, with NEVS, Volvo and many other companies in the automotive industry. Within NEVS premises there is also access to land to build the factory,” said Stefan Tilk.

In October 2017, NEVS signed an agreement on cooperation with DiDi Chuxing, China´s ride hailing giant. In December 2012, GSR decided to invest in DiDi Chuxing whereby GSR became DiDi’s first institutional investor.

“Our relations with DiDi Chuxing have been important in the discussions with GSR and in finalising this deal,” said Kai Johan Jiang, main owner of NEVS.

GSR Capital focuses on electric vehicles, clean energy, modern agriculture, biotechnology, wireless solutions areas and internet finance.

“With GSR´s investments, NEVS will be able to take further important steps towards the green goal with sustainable mobility solutions of the future,” concluded Kai Johan Jiang.

NEVS’ vision is to shape mobility for a more sustainable future. Core to this is a global portfolio of fully electric premium cars, mobility solutions and sustainable city offerings.

NEVS’ head office and main R&D facilities are located in Trollhättan, Sweden, with a second production plant and an R&D Centre under construction in Tianjin, China.

In January 2017, the Chinese government approved NEVS’ application to start production of electric vehicles in its manufacturing plant in Tianjin. NEVS is the first joint venture company with investors from outside China that is granted a New Energy Passenger Vehicle Project investment approval by NDRC.