Fujian New Long Ma Motor Co, one of the major minivan producers in China, sold a controlling 65% stake to a consortium led by the Sino-Swedish joint venture National Electric Vehicle Sweden (NEVS) and Beijing State Research Information Technology Co. NEVS bought the main assets of Saab Automobile in 2012. Fujian Motor Industry Group Co and Longyan City, the former shareholders of Fujian New Long Ma, will hold 20% and 15% shares respectively after the restructuring. With its eyes on the country’s emerging new-energy vehicle industry, the minivan maker aims to release a pure electric sedan, the 93EV, in the fourth quarter of 2017 and add new assembly lines to produce electric vehicles and sport utility vehicles (SUVs) in the future. “We want to play a key role in China’s new-energy vehicle industry,” said Kai Johan Jiang, Chairman of National Electric Vehicle Sweden, the main assets holder of Saab. The capacity goal of the Fujian company is 150,000 vehicles per year. The company expects to make a profit by 2017 and reach CNY20 billion sales revenue in 2020, the China Daily reports.