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Evergrande Group to pump RMB120 billion into NEV bases in Shenyang

Monika From Gasgoo| June 17 , 2019

Shanghai (Gasgoo)- Chinese real estate giant China Evergrande Group on June 15 inked a strategic cooperation agreement with Shenyang Municipal Government for its NEV bases' deployment, only four days after forging partnership with Guangzhou Government.

Evergrande Group Shenyang NEV bases, Evergrande Health 2018 annual report, China automotive news

(Photo source: China Evergrande Group)

According to the latest agreement, Evergrande Group is going to pump RMB120 billion into three NEV-related bases in Shenyang, the capital of Liaoning Province, of which a complete NEV R&D and production plant will be located at the Hunnan District, while a base focusing on in-wheel electric motor R&D and manufacturing as well as a super power battery factory are set to be built at Tiexi District.

The term about founding three NEV bases is also the major content for the agreement signed with Guangzhou Government. However, the money to be plowed is RMB160 billion.

Evergrande Health Industry Group Limited, a wholly-owned subsidiary of Evergrande Group, said in its 2018 annual report that it has completed the layout of the NEV industry chain and aims to become one of the largest and best quality NEV global brand names within three to five years. Meanwhile, the group also revealed that its new energy automobile base in Tianjin was scheduled to be fully operational in June 2019, while the actual launching time has not been confirmed yet.

The annual results also showed that Evergrande Health recorded loss of RMB1,428.38 million in 2018 and loss attributable to owners amounted to RMB1,429.38 million. The NEV segment chalked up an annual loss of RMB1,726.786 million.

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