China Property Giant Evergrande to Release EV in China Market

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China Property Giant Evergrande to Release EV in China Market

On June 29, Evergrande New Energy Automobile Group announced that its first EV model, NEVS 9-3, was mass-produced. According to the company, NEVS 9-3 is a pure electric vehicle based on the Swedish Saab PhoeniX-E platform and Saab technology. In fact, NEVS has completed the research and development of NEVS 9-3 before Evergrande becoming the new main owner.


China Property Giant Evergrande to Release EV in China Market

Evergrande said that although NEVS 9-3 is not the first “Evergrande-Made” new energy vehicle, its mass production is still a milestone, marking the Evergrande has the ability to mass produce EV.

As early as Evergrande’s acquisition of NEVS’s shares, NEVS has announced the off-line of NEVS 9-3 EV, last October and started to pre-sale, the pre-sale price was 169,800 yuan.

China Property Giant Evergrande to Release EV in China Market

In the following December, NEVS also held a delivery ceremony of first batch of NEVS 9-3. At the time, NEVS introduced that the first batch of 500 units of NEVS 9-3 had begun to deliver to both government procurement and online car-hailing operators, it was expected to deliver to personal consumers in March 2019.

Judging from the series of acquisitions this year, Evergrande’s intention to enter the automotive industry is very clear. It deployed the complete vehicle, power battery, wheel motor, charging pile and other fields through a series of acquisitions, and then announced the construction of two new energy vehicle production bases in Nansha (Guangzhou) and Shenyang China, respectively, it plan to invest 280 billion yuan for the two bases.

China Property Giant Evergrande to Release EV in China Market
NEVS’s R&D center and production base in Sweden

These actions can be seen that Evergrande is eager to prove its determination and strength, and hopes to become the world’s largest and most powerful new energy vehicle group in 3-5 years. However, can the deployment of full-range industry chain create a good car? Can the purchased technology really bring good synergies? Where did the 280 billion yuan for building the two bases come from? These questions are currently not answered.

About NEVS, Saab and Evergrande
China Property Giant Evergrande to Release EV in China Market

NEVS was established on April 3, 2012 to acquire Saab Automotive Technology and its assets. NEVS is the name of National Electric Vehicles Sweden, it is a wholly-owned subsidiary of Hong Kong-based National Modern Energy Holdings Ltd. (NMEH), NMEH was founded and controlled by Swedish Chinese Jiang Dalong (Kai Johan Jiang).

NEVS is notable for its successful acquisition of 75-year-old Saab Automobile AB of Sweden in 2012.

On September 3, 2012, Jiang Dalong, CEO of NEVS announced in Beijing that it had completed the acquisition of assets of Saab Automobile AB, Saab Automobile Powertrain AB, and Saab Automobile Tools AB on August 31. And then It released brand-new EV brand NEVS in 2016.

China Property Giant Evergrande to Release EV in China Market

On January 15 2019, Evergrande Group (HK.0708) announced that it acquired 51% shares of NEVS, with USD 930 million and obtained the majority of its board seats.

Evergrande is the biggest property company in China.