Evergrande taps into several automotive giants to help materialise its EV strategy

Chinese real estate group Evergrande’s e-mobility arm, Evergrande New Energy Automobile Group, has signed strategic cooperation agreements with automotive companies including the FEV Group, EDAG, IVA Group, AVL and Magna.

The agreement was signed at the group's headquarter in Shenzhen, South China.

As per the agreement, these companies will assist Evergrande in designing, researching and developing electric vehicles to go on sale in China. The company plans to develop 15 new models spread across several vehicle categories such as exclusive, comfortable, classic, top-class, ultra-luxury and luxurious.

The five giants who are a part of this contract will bring their world leading expertise in automotive engineering technology to the table. These companies have top notch research and development in areas such as chassis, body-in-white, powertrain, electronic appliances, vehicle integration, body interior and exterior designing and engineering technology.

Evergrande is moving forward with its aggressive ambition of becoming on of the leading EV manufacturers in the next three to five years. It plans to manufacture and sell at least 5 million vehicles within the next ten years.