In February Nevs signed a framework agreement about acquiring 50% of the New Long Ma manufacturing plant. Thursday May 12, the formal contract has been signed in Fujian.
The parties signing are Fujian Motors Group, Long Ma Industrial Co. Ltd, National Electric Vehicle Sweden AB 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 Co., Ltd. was established in April 1997 with a registered capital of RMB1.15 billion. New Long Ma Motor is affiliated to Fujian Motors Group Co., Ltd. who 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 called South East Motor.