Shanghai (ZXZC)- Evergrande Health, a listed subsidiary of Chinese property developer Evergrande Group, announced on July 24 that one of its wholly-owned subsidiaries has entered into an agreement with German powertrain supplier hofer Aktiengesellschaft (“hofer AG” and “hofer powertrain”) to set up a joint venture in Germany (“German JV”), signifying Evergrande's access to world-class integrated electric powertrain system technology.

（Photo source: Evergrande Health)

According to the newest announcement, Evergrande Health will hold 67% stake whilst hofer AG holds 33% equity interest in the JV. Besides, Mr. Johann HOFER, the founder of hofer powertrain, will serve as chairman of German JV.

Powered by the German parent company's cutting-edge technologies and outstanding R&D and manufacturing team in powertrain field, the joint venture will be dedicated to developing world-leading integrated powertrain core technology and building a R&D production base in China, said Evergrande Health.

According to published records, hofer powertrain, founded in 1980, focuses on automotive powertrain field with the capabilities to design, develop and manufacture integrated electric drive units, owning 15 research facilities and 4 production bases worldwide.

The real estate giant is pushing ahead with its offensive into various NEV-related domains. Earlier this month, Evergrande Group and State Grid announced a 50/50 joint venture that focuses on constructing and operating smart charging piles for communities and selling charging facilities. Reportedly, the group has developed its own EV charging cloud platform.

(Photo source: China Evergrande Group)

On June 29, Evergrande New Energy Automotive Group saw the production vehicle NEVS 93 roll off the production line, meaning the all-electric model are ready to be mass produced and delivered to consumers.

The property tycoon on June 15 inked a strategic cooperation agreement with Shenyang Municipal Government for its NEV bases' deployment, only four days after forging partnership with Guangzhou Government.

According to the agreement, Evergrande Group was ready to pump RMB120 billion into three NEV-related bases in Shenyang, the capital of Liaoning Province, of which a complete NEV R&D and production plant will be located at the Hunnan District, while a base focusing on in-wheel electric motor R&D and manufacturing as well as a super power battery factory are set to be built at Tiexi District.