China's real estate conglomerate the Evergrande Group's healthcare affiliate, Evergrande Health bought 51 percent of NEVS, a European electric carmaker, for 930 million U.S. dollars, Evergrande Health announced on Tuesday.
New energy vehicles' sales in China surged by 88.5 percent to 1.01 million units in 2018 amid a plunge of 5.8 percent in the sales of total vehicles.
Headquartered in Sweden, NEVS is a global electric carmaker, who successfully took over a European high-end car manufacturer, Sweden SAAB company in 2012 and have remained a key player in the sector ever since.
The SAAB company owns a world-leading technology innovation hub and research team. Furthermore, its intellectual properties cover areas of Internet of vehicles, power systems and manufacturing.
The deal shows Evergrande's ambition to make inroads into the electric car industry and transit into a high-tech company.
Evergrande has ramped up its efforts in expanding its business in the new energy vehicle sector in recent years. It became the second largest shareholder of the China Grand Automotive Services Co., Ltd. last year.
The total assets of NEVS were 4.344 billion HK dollars as of the end of 2017, according to the disclosed financial data.
Several Chinese companies were intended to buy NEVS but ended in failure due to the company's rejection of giving out core technologies.
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