Right after break-up with Faraday Future, China Evergrande grabs Swedish EV maker

Evergrande continues to pursue its dream of becoming a global EV giant.

Hong Kong-listed Evergrande Health Industry Group announced Tuesday that it has bought a 51 percent controlling stake of Swedish carmaker NEVS at US$930 million, only half a month after it terminated all investment agreements with US-based EV maker, Faraday Future.

The Sweden firm, which carries the heritage of Saab, seems to have been swooped up to help  China’s second largest property developer Evergrande Group, which holds a 77.5% stake in Evergrande Health, pursue its dream to be a global EV giant.  Evergrande Health says its “principal business activities of the Group include community health management, international hospitals, and elderly care and rehabilitation, as well as investments in high technology new energy vehicle manufacturing.

NEVS, as one of the ten qualified new energy automobile companies in China, has developed two pure electric vehicle models that have reached production standards. It has two production bases, one in Trollhättan, Sweden and one in Tianjin, which is very close to Beijing.

Company registration information shows that an entity named Evergrande Hi-tech Company has set up a smart charging company on Jan 2nd, although there is no direct information showing it is controlled by the China Evergrande Group.

Editor: Nadine Freischlad