Recharge Wrap-up: Mercedes-Benz ELC, Pandas' 150K Saab 9-3 EVs

European Fraud Investigators Scrutinize VW Loans

Mercedes-Benz will build an EV called the ELC in 2018, according to a report from Auto Bild. The electric version of its GLC-Class crossover is meant to compete with the likes of Audi's upcoming e-tron Quattro SUV, and the Tesla Model X. It could have a driving range of about 200 miles, and a starting price tag of around $54,000. Its multiple electric motors are expected to generate some 540 horsepower. In addition to a traditional charging plug, the ELC is also expected to support inductive charging. Read more from Green Car Reports, or, if you read German, from Auto Bild.

Anti-fraud investigators are looking into whether or not Volkswagen misused loans for projects meant to improve the company's environmental impact. The automaker received $10.4 billion from the publicly funded European Investment Bank since 2000. The investigation aims to find out if the loans "could be linked to the production of engines or devices implicated in the manipulation of the real level of gas emissions of vehicles," according to the European Anti-Fraud Office. The bank is conducting its own investigation as well, and is withholding any more funds from Volkswagen until it finishes its review. Read more from The New York Times.

NEVS will supply Panda New Energy with 150,000 Saab 9-3 EVs. The order, worth about $12 billion, will help Panda achieve its goal of becoming one of the world's largest EV leasing companies. "We are very pleased to form a cooperation with NEVS, a company with a rich innovation heritage and the right ability to fulfill our demands," says Panda New Energy Chairman Ma Chao. "Being in an emerging market for new energy vehicles, we are happy to find a partner who shares our commitment to the environment." The deal also includes 100,000 other EV products and services provided by NEVS. Read more at Green Car Congress, or in the press release below.

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Nevs has signed a Strategic Collaboration Agreement with Panda New Energy Ltd., about 150,000 9-3 Sedan EV

National Electric Vehicle Sweden (Nevs) and the Chinese company Panda New Energy Co., Ltd. have signed a strategic collaboration agreement. According to the agreement, Nevs will provide Panda with 150,000 9-3 sedan electric vehicles until the end of 2020. In addition, the agreement also includes 100 000 other EV products and services from companies associated to Nevs and its owners. The total value of the agreement is 78 billion RMB.

Panda New Energy is a new energy vehicle leasing company with focus on low emission mobility solutions. Cooperating with many chauffeured car service platforms in China, Panda aims to become one of the biggest EV leasing companies in the world.

"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," said Stefan Tilk, Vice Chairman Nevs.

"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," said Ma Chao, Chairman Panda New Energy.

National Electric Vehicle Sweden AB's (Nevs) vision is to shape mobility for a more sustainable future, and focuses on the development of electric vehicles and sustainable mobility services. Nevs acquired the main assets of the former Saab Automobile in 2012. Nevs is Co-owned by National Modern Energy Holdings, Tianjin Binhai Hi-tech industrial Development Area (THT), and the Beijing State Research Information Technology Co., Ltd. (SRIT).

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