Evergrande to invest around $6.3 billion to promote NEV development

China Evergrande Group announced that it plans to invest a total of €45 billion ($6.3 billion) in its new energy vehicle (NEV) sector over the next three years.

Evergrande held a NEV global strategic partnership summit in Guangzhou, capital city of south China's Guangdong Province, attended by more than 1,100 CEOs and executives of 206 leading companies in the world's automobile design, manufacturing equipment, components, motors and battery sectors.

Hui Ka Yan, Chairman of the company, revealed at the summit that his company will lay out ten production bases in China, Sweden and countries along the Belt and Road, and simultaneously develop 15 new models, covering all grades and vehicle types. Evergrande is expected to roll out its NEV “Hengchi 1”, in the first half of next year, and the full range of products under “Hengchi” will be fully mass-produced from 2021, Hui added.

At the summit, Evergrande signed strategic cooperation agreements with the world's top 60 auto parts companies such as Bosch, Magna and ThyssenKrupp, marking its establishment of the world's top and huge auto parts supply chain system.

“The strategic cooperation between Evergrande and the global auto giants comes just at the right time,” said Wen Guohui, Mayor of Guangzhou City. “Guangzhou will do its utmost to provide the most convenient, efficient and high-quality service and become the best platform for Evergrande and the global auto giants to achieve greater development.”

Stefan Pischinger, CEO of FEV Europe GmbH, Cosimo De Carlo, CEO of EDAG Engineering Group AG, and Silvio Pietro Angori, CEO of Pininfarina S.p.A., all expressed their bullish views on the development prospects of Evergrande's NEVs and their confidence in working with Evergrande to create world-class quality NEVs, when delivering speeches at the summit.

Earlier on October 15, Evergrande cooperated with 15 top design masters around the world to form a strong car design team. It also signed strategic cooperation agreements with five world-leading automotive engineering technology enterprises on September 25 to further optimise its industrial chain layout in the NEV field.