Evergrande continues expansion in EV segment
China's Evergrande Group had agreed to establish a joint venture with Germany's Hofer Powertrain to develop and manufacture electrical systems for electric vehicle powertrains.
According to the agreement, Evergrande Health Industry Group will hold 67% of the shares in the new joint venture with Hofer Powertrain holding the remaining 33% of the equity.
Evergrande said it planned to establish an advanced research, development 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 two companies had also agreed to establish a joint venture in Germany to help fulfill growing demand for electrified powertrains in Europe.