Easy car has learned from relevant channels that real estate giant Evergrande group on July 10 in China's guangdong province set up subsidiaries, its main business is a related technology research and development of electric vehicle and another called the new energy vehicles (guangxi) co., LTD., a subsidiary of July 8 registered by the same parent company, its business scope is similar to guangdong.

    Evergrande New Energy Automotive Technology (Guangdong) Co., Ltd. is a new company wholly owned by Evergrande New Energy Automotive Investment Holding Group Co., LTD., with a registered capital of 500 million yuan (us $71,451,025).It is reported that its business scope includes new energy vehicle related technology research and development, auto parts production, vehicle sales, auto parts wholesale and retail, and new energy vehicle related technology consulting and transfer services.

    Evergrande celebrated the first excavation of its electric drive system production base in nantai lake new district, huzhou city, zhejiang province, on May 22, according to reports.Covering an area of 450 mu (300,000 square meters) and with an investment of 15 billion yuan ($2.44 billion), the new base will include a research and development center, focusing on "three-in-one" electric drive systems, electric motor and autonomous driving technology, electric motor and battery integration, and corresponding manufacturing workshops.It is expected to produce 500,000 electric drive systems a year, worth €12 billion ($1.715 billion) a year.

    Through a series of mergers and acquisitions, Evergrande group has formed a complete industrial chain, involving the whole vehicle, electric motor and ECU, power battery, automobile sales and intelligent charging manufacturing.

    In November last year, Evergrande announced a strategic partnership with 60 of the world's leading automotive components suppliers, including Bosch, magna, Continental AG, ZF group, thyssenkrupp AG, jttag and basf.In addition, Evergrande's subsidiary, evergrande new energy automotive group, signed contracts last September to develop 15 electric models with five European automotive engineering companies, including Germany's FEV group, EDAG and IVA group, and Austria's magna steyer and liszt.