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· Jinshajiang Venture Capital plans to invest USD 500 million in Swedish national electric vehicle company
According to foreign media reports, China's private equity firm Jinshajiang Venture Capital plans to invest 500 million US dollars in the National Electric Vehicle Sweden AB, and plans to build a battery factory near the latter's facilities.
Jinshajiang Venture Capital previously acquired the battery manufacturing business of Nissan Motor Co., Ltd., and its proposed new plant is located in the factory of an abandoned factory in Saab, Sweden. The Chinese investor, led by Kai Johan Jiang, will transform the Saab car factory into an electric car factory to produce the Swedish national electric car company brand car.
“Jinshajiang’s battery plant will be able to manufacture batteries for 400,000 to 500,000 vehicles a year, which means they are not only planning to supply batteries to the Swedish national electric vehicle company, but also to supply to other customers in Sweden and Europe,†Sweden Fredrik Fryklund, public relations manager at the National Electric Vehicle Company, said.
The new facility will compete with Northvolt AB, which plans to spend 4 billion euros to build a battery plant in northern Sweden. The day before Jinshajiang Ventures announced its investment, Volkswagen, Europe's largest automaker, said it has selected partners in Europe and China to provide about 20 billion euros (about 24.7 billion US dollars) for its electric vehicle projects. ) The battery and related technologies to promote the transition to zero-emission vehicles.
Volkswagen began looking for partners in China, Europe and North America last year to provide battery technology worth more than 50 billion euros ($61.6 billion).
Two and a half years ago, Volkswagen began to accelerate the development of electric vehicles because of the “discharge gate†caused by the executives’ fraud in the exhaust emission test. The scandal prompted the public to transform the company's strategy.
Battery technology continues to advance, and countries have taken measures to deal with vehicle emissions, which has put automakers under more pressure to accelerate the electrification of automobiles.
Jinshajiang Venture Capital did not disclose when it was expected to complete the construction of the battery factory.