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China’s Evergrande sets up two NEV subsidiaries in early July

Monika From Gasgoo| July 15 , 2020

Shanghai (Gasgoo)- Real estate conglomerate China Evergrande Group established on July 10 a Guangdong-based subsidiary whose one of major businesses is the R&D of NEV-related technologies, according to the enterprise information query platform Tianyancha.

Involving a registered capital of 500 million yuan ($71,451,025), the newborn company, dubbed Evergrande Hengchi New Energy Automobile Technology (Guangdong) Co.,Ltd., is wholly held by Evergrande New Energy Automobile Investment Holdings Group Co.,Ltd. According to Tianyancha, its line of businesses includes the R&D of NEV-related technologies, the manufacture of automobile parts, the sale of complete vehicles, the wholesale and retail of automobile parts as well as the consultation and transfer services of NEV-related technologies.

Evergrande NEV subsidiaries, Evergrande Hengchi NEV brand, China automotive news

Tianyancha's record shows that a subsidiary, named Evergrande New Energy Automobile (Guangxi) Co.,Ltd., was registered on July 8 by the same parent company, featuring a similar business scope to the Guangdong-based one.

Evergrande Group celebrated on May 22 the first spade cut of its electric drive system production base at Nantaihu New Area in Huzhou, Zhejiang Province, according to a local media report.

Covering an area of 450mu (300,000 square meters) and involving an investment of 15 billion yuan ($2.144 billion), the new base will contains the R&D hubs focusing on the “three-in-one” electric drive system, electric motor & autonomous driving technology as well as the integration of electric motor and batteries, and corresponding manufacturing workshops. It is expected to produce 500,000 units of electric drive system per year with an annual output value of 12 billion ($1.715 billion).

Evergrande NEV subsidiaries, Evergrande Hengchi NEV brand, China automotive news

The Chinese real estate titan is renowned for its magnificent ambition to become the world's largest and most powerful NEV maker. Through a series of merger and acquisition moves, it has formed a wide-ranging industrial chain involving the manufacture of complete vehicles, electric motor & ECU, power battery, automobile sale and smart charging, etc, eyeing annual capacity of 5 million NEVs within the next decade.

In last November, the property giant announced the strategic partnership with a total of 60 world's leading auto parts suppliers at one go, including such well-known firms as Bosch, Magna, Continental AG, ZF Group, thyssenkrupp AG, JTEKT and BASF.

Furthermore, Evergrande New Energy Automobile Group, a subsidiary of Evergrande Group, signed contracts with five European automotive engineering companies in last September to develop 15 EV models. The five partners—Germany’s FEV Group, EDAG and IVA Group, as well as Austria's Magna Steyr and AVL—develop powertrains and other auto parts for automakers worldwide including Ferrari and Toyota Motor (photo source: Evergrande Group).

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