The Chinese-backed investment group that bought technology and assets from Sweden’s Saab in 2012 now says it plans to build a $400 million factory and R&D unit for electric cars in Tianjin, northeast China.
“China is the world’s fastest growing market for electrical cars, but also the most competitive. We are likely to see closures and consolidations going forward,” the company’s CEO Mattias Bergman told Johan Nylander, journalist at Forbes. “But there’s a gap in the market that we can fill”.
Electric automobiles are an integral part of Beijing’s plan to reduce air pollution, which prematurely kills hundreds of thousands of citizens every year. Local mayors and provincial leaders are being encouraged to invest in environmentally friendly vehicles and infrastructure.