Chinese leasing company Panda New Energy Co Ltd has signed a deal with National Electric Vehicle Sweden (NEVS) to acquire 150,000 Saab 9-3 electric vehicles by the end of 2020.

The agreement, worth around £8.07bn, also includes 100,000 other EV products and services from companies associated to NEVS and its owners. It was announced just days after NEVS revealed plans for a five-strong electric vehicle line-up.

Commenting on the deal, Stefan Tilk, vice chairman NEVS, said: “This is a strategic 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. In the long term, we want to provide our customers with both sustainable products and mobility services,”

”We are very pleased to form a cooperation with Nevs, a company with a rich innovation heritage and the right 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,” added Ma Chao, chairman Panda New Energy.