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Evergrande Health announced that in view of the fact that new energy vehicles have become the most important business of the group, Evergrande Health plans to change its name to "China Evergrande New Energy vehicle Group Co., Ltd." (English name: China Evergrande NewEnergy Vehicle Group Limited), referred to as "Evergrande Automobile".

Evergrande Health also said in the announcement that the company is making every effort to develop new energy vehicle business and has built a whole industry chain of new energy vehicles covering power batteries, powertrain, advanced vehicle manufacturing, car sales and smart charging. It has the world's top core technology in all key links, and implements a globally integrated research and development model. Collaborative research and development in China, Sweden, Germany, the United Kingdom, the Netherlands, Austria, Italy, Japan, South Korea and other countries to become the world's largest and strongest new energy vehicle group within five years.

New energy vehicles are a new field announced by Evergrande in June 2018, when Evergrande bought a 45 per cent stake in FF for $2 billion, but the two companies failed after just four months of cooperation and parted ways on the last day of 2018.

After breaking up with FF, Evergrande did not stop the dream of building cars, and quickly formed its own technological advantage through "buy and buy".

On January 15, 2019, Evergrande Health announced that it had acquired a 51 per cent stake in NEVS, a Swedish electric vehicle company, for $930 million and won a majority of board seats. Evergrande Health said at the time that the total investment would reach $1.1 billion. Subsequently, Evergrande Health has acquired Kanai New Energy, Hubei Tate Mechanical and Electrical Co., Ltd., the Netherlands e-Traction, the British hub motor company Protean, Guanghui Group and other companies.

According to Xu Jiayin's plan, the annual output of new energy vehicles will reach 1 million, and it will take three to five years to become the largest and most powerful new energy vehicle group in the world. Xu Jiayin's investment budget for Evergrande new energy vehicles is 45 billion yuan in three years, including 20 billion yuan in 2019, 15 billion yuan in 2020 and 10 billion yuan in 2021. He has laid out ten major production bases in China, Sweden and other countries, and developed 15 new models at the same time.

Evergrande's approach to the auto industry is different from that of other carmakers. As the main body of car building, Evergrande Health has been on the market as early as April 2015, and then it has formed its own technical advantages through "buying". Compared with NIO, Xiaopeng and other car manufacturers, it has made slightly faster progress. However, as to whether Xu Jiayin can realize his lofty ambitions, there has been a huge question mark by the outside world. Earlier, it was reported that Evergrande's first new energy model, "Hengchi 1", will be unveiled in the first half of the year. Now that the first half of the year has passed, the car is still missing, and I don't know how long the later mass production will be postponed. In addition, even if the car is to achieve mass production, follow-up sales are also very variable, both the brand influence and the technical appearance of the model have been complained by the outside world, and the general attention to this car is not high.

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