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July 25, 2019

Evergrande continues expansion in EV segment with Hofer JV

China's Evergrande Group said it had agreed to establish a joint venture with Germany's Hofer Powertrain to develop and manufacture electrical systems for electric vehicle powertrains, according to local reports in China.

By bcusack

China's Evergrande Group said it had agreed to establish a joint venture with Germany's Hofer Powertrain to develop and manufacture electrical systems for electric vehicle powertrains, according to local reports in China.

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According to the agreement, Evergrande Health Industry Group, a Hong Kong-listed subsidiary of Evergrande Group, will hold 67% of the shares in the new joint venture with Hofer Powertrain holding the remaining 33% of the equity.

Evergrande Health said it planned to establish an advanced R&D and production base in China with the help of Hofer Powertrain's technology and its research, development and manufacturing team. The new venture would initially focus on developing and producing integrated core technologies for electric vehicle powertrains in China.

The company said its strategic alliance with Hofer Powertrain would provide it with access to world leading integrated electric powertrain systems technology, giving it a powerful competitive advantage in China's new energy vehicle sector.

The report suggested the two companies had also agreed to establish a joint venture in Germany to help fulfill growing demand for electrified powertrains in Europe.

Evergrande Health has been expanding aggressively in the electric vehicle supply chain sector this year with the acquisition in May of a leading UK developer of in-wheel motor technology, Protean Electric.

This transaction was carried out through its Swedish subsidiary National Electric Vehicle Sweden (NEVS) which it acquired in January 2019.

Also in January, Evergrande Group's wholly-owned subsidiary, Evergrande New Energy Power Technology (Shenzhen) Company, acquired a 58% stake in Shanghai CENAT New Energy Company, a leading Chinese EV battery technology company.

The group this year also acquired a EUR150m stake in German sportscar manufacturer Koenigsegg and a 70% slice of TeT Drive Technology Company, a Netherlands-based developer of in-wheel motor technologies for commercial vehicles.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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