A Chinese property group has bought 51% of the shares in a Swedish smart electric vehicle (EV) organisation.
Evergrande Group’s acquisition of the majority share in NEVS has been long-awaited – the firm has sought strong investors to plough capital into the company in recent years.
This funding is vital after NEVS recently built a new car manufacturing plant in Tianjin and now has started to build another in Shanghai, in addition to a facility in Trollhättan, Sweden.
Stefan Tilk, CEO at NEVS, said: “I am very pleased with this. It means that NEVS will get a financial strong main owner who also is very interested in developing our vision about green mobility transport solutions for the future.”
A developer of high-efficiency, durable, lightweight and cost-effective electric motors has just closed a $1.8 million (£1.4m) financing round, led by Cottonwood Technology Fund.