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Evergrande Group and today announced that they will sign a strategic cooperation agreement with Germany's hofer Power Group in Stuttgart, and the Evergrande German hofer Power Technology Company, a joint venture between the two sides in Germany, has been officially unveiled. This is the sixth time this year that Evergrande has announced a stake in an automobile company.

According to the terms of the agreement, Evergrande will own 67% of the joint venture company and 33% of Germany's hofer. Evergrande said in the announcement that the joint venture company will have German H European Fan's cutting-edge technology in the power zero rate and the top R & D and manufacturing team, and will develop the world's leading three-in-one powertrain core technology. Evergrande said the joint venture will build the world's most advanced R & D and production base in China.

Data show that the German company hofer, founded in 1980, is a R & D and manufacturing enterprise in the field of automotive power engineering, with 15 research institutions and 4 cooperative production bases in Germany, Britain, Italy, Austria and other countries. Evergrande said that the cooperative alliance with Germany's H Europe Fan means that Evergrande will further master the world's advanced three-in-one powertrain technology and establish a strong competitive advantage in the field of new energy vehicle powertrain.

The earliest perception of Evergrande car construction began with an investment in FF founded by Jia Yueting, founder of Letv. Evergrande announced in June 2018 that it would become its largest shareholder in Smart King through its 45 per cent stake in FF for HK $6.7467 billion.

As the conflict between Evergrande and FF became more and more public, Evergrande announced on December 31, 2018 that the two sides had reached a restructuring agreement, with Evergrande holding a 32 per cent preferred stake in FF and 100 per cent holding FF Hong Kong. At the same time, all agreements between the two sides will be terminated, Evergrande will no longer need to inject money into FF, and agreed to lift the existing pledge. Jia Yueting can buy back Evergrande's 32 per cent stake within five years.

After that, Evergrande began to expand rapidly in the field of new energy vehicles. On January 15, Evergrande announced that it had spent 930 million yuan to acquire a 51% stake in NEVS, a global electric vehicle company gradually based in Sweden, and won several chairman seats.

On January 24, Evergrande Group revealed that Evergrande New Energy Power Technology Co., Ltd., a wholly-owned subsidiary of Evergrande, will buy a stake in Shanghai Carney New Energy, a main power trolley company, with 1.059 billion yuan, becoming the largest shareholder with a shareholding ratio of 58.07%.

On January 29th, Evergrande Group once again announced that it had bought a stake in Swedish supercar company Koeniger for 150 million euros. Evergrande Group said that the company Evergrande will set up with Sweden will focus on developing and manufacturing the world's top new energy vehicles.

On March 15, Evergrande announced that it signed equity transfer agreements with the chairmen of Tianjin Tianhai synchronous Group Co., Ltd., Hubei Tete Mechanical and Electrical Co., Ltd. and Hubei Tete Mechanical and Electrical Co., Ltd. the company will buy 70% of Tate Mechanical and Electrical Co., Ltd. for 500 million yuan, which holds all shares of e-Traction of the Netherlands.

On May 30th, Evergrande announced again that Evergrande subsidiary NEVS and British hub motor company Protean signed an agreement in London that Evergrande would buy the company wholly by way of merger, and Protean would be merged into Virtue Surge, a subsidiary of NEVS. But Evergrande did not disclose the amount of its stake in the last two acquisitions of car research and development companies.

Only according to the amount officially disclosed by Evergrande, up to now, Xu Jiayin has invested about 28.4 billion yuan in almost the whole industry chain of the automobile industry.

Xu Jiayin stressed at many internal meetings that "the development orientation of Evergrande's new energy vehicles is that the core technology must be world-leading and the product quality must be world-class."

Evergrande Group through global cooperation, plus the previous 93 vehicles off the line of Tianjin base, as well as in Shanghai, Guangzhou, Shenyang and other places layout of new energy vehicle base. At present, Evergrande Group already has vehicle research, power batteries and other world car-building technologies. Today, Evergrande new energy vehicles covering the "vehicle R & D and manufacturing + three power core technology + marketing channels + smart charging technology" of the whole industry chain closed loop and all-link cutting-edge cool techs has been built and will continue to upgrade. It is believed that Evergrande's goal of "becoming the largest and most powerful new energy vehicle group in the world in 3 ~ 5 years" will also be expected to be achieved.

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