Evergrande Health Industry Group, a subsidiary of Evergrande Group, China’s third-largest property developer by sales, has bought control of a producer of electric vehicles in the country for $930 million.
NEVS is part of a Chinese consortium backed by investments from Tianjin’s municipal government and a Beijing-based research firm linked to a government think tank. NEVS set up a China venture in 2015, qualifying for electric vehicle production in 2017.
The real estate developer now owns 51 percent of National Electric Vehicle Sweden (NEVS), a Chinese-owned company that in 2012 bought the rights to what had been Saab Automobile AB after the Swedish automaker went bankrupt in 2011 under the ownership of U.S. auto giant General Motors. Saab temporarily stopped making cars after the bankruptcy but restarted in 2013, with a move to producing electric cars.
In 2017, Evergrande agreed to invest $2 billion over three years through its Evergrande Health division into an electric vehicle startup. However, by August 2018 there was a fallout between Evergrande and Faraday. Evergrande Group owns 32 percent of Faraday Future without any further investment commitments.
