Evergrande to work with global auto suppliers for EV development
Representatives from Evergrande, FEV Group, EDAG, IVA Group, AVL and Magna at the signing ceremony in Shenzhen, China.
Evergrande New Energy Automobile Group, the electric vehicle subsidiary of Chinese real estate developer Evergrande Group, has signed working partnerships with five global automotive engineering companies to help push the product development of its electric vehicles line.
On Wednesday, the group's auto subsidiary signed a strategic agreement on vehicle Research & Development and design with German auto engineering and technology firms FEV Group, EDAG and IAV Group as well as Austria's AVL and Canada's Magna.
The move marked the group's aggressive ambition of becoming the world's largest new energy vehicle company within the next three to five years and achieving production and sales of 5 million vehicles in ten years.
"The Group aims to lead the world in technologies and the manufacturing quality of new energy vehicles," said Xu Jiayin, chairman of Evergrande Group.
The auto engineering companies will work with Evergrande to jointly develop 15 new electric vehicle models, covering a full range of product types including the top-grade, ultra-luxury, luxury, exclusive, comfortable and classic models.
After tapping into the EV market last year, Evergrande has struck a raft of deals with European companies to boost its development capabilities.
In January of this year, Evergrande worked with Swedish super car brand Koenigsegg to develop luxury car core technology. In July, it worked with German engineering company Hofer to jointly produce electric powertrain systems. In September, the company worked with parts supplier Benteler to develop EV technology.
This year, it acquired several European companies: National Electric Vehicle Sweden, a Swedish company that bought assets of bankrupt Saab Automobile in 2012 to build EVs on the Saab 9-3 platform; U.K. electric motor maker Protean Holdings Corp. and Dutch electric motor manufacturer e-Traction.
Headquartered in the southern Chinese city of Shenzhen, Evergrande saw its 2018 net profit stand at 78.3-billion yuan (€10-billion)
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