BEIJING, Sept. 26 (Xinhua) – China's conglomerate China Evergrande Group has joined hands with the world's five leading automotive engineering and technology enterprises to further optimize its industrial chain layout in the new energy vehicle field.
The group's auto subsidiary Evergrande New Energy Automobile Group signed on Wednesday a strategic agreement on vehicle R&D and design with German auto engineering and technology firms FEV Group, EDAG and IVA Group as well as Austria's AVL and Canada's Magna.
The move marked the group's aggressive ambition of becoming the world's largest new energy vehicle company within the next three to five years and achieving production and sales of 5 million vehicles in ten years.
"The Group aims to lead the world in technologies and the manufacturing quality of new energy vehicles," said Xu Jiayin, chairman of Evergrande Group.
Under the agreement, Evergrande will work with the five auto giants to jointly develop 15 new automobile models, covering a full range of product types including the top-grade, ultra-luxury, luxury, exclusive, comfortable and classic models.
As the world's leaders in the field of automotive engineering technology, the five auto giants have the most advanced technologies in chassis, body-in-white, powertrain, electronic appliances, body interior and exterior decoration.
Insiders noted that this strategic cooperation, reflecting Evergrande's concept of "Big Strategy, Big Target, Big Pattern, Great Positioning and Large Layout" in car manufacturing, is not only considered a vital milestone for Evergrande and China, but also of epoch-making significance in the history of the world's automobile industry.
After tapping into the new energy vehicle market last year, Evergrande has struck a raft of deals with European companies to boost development of its new energy vehicle products.
In January of this year, Evergrande teamed up with Swedish super car brand Koenigsegg to develop the core technology of the world's top luxury cars. In July, it formed a joint venture with German automotive powertrain engineering company hofer to jointly produce electric powertrain systems and in September, the company obtained the intellectual property of the chassis architecture 3.0 for the world's top new energy vehicles from German auto parts suppliers BENTELER and FEV Group.
At present, Evergrande boasts a number of automobile production bases nationwide with the adoption of the world's top production equipments and production processes, providing a strong guarantee for mass production of the full range of its "Hengchi" auto products.
Headquartered in the southern Chinese city of Shenzhen, Evergrande saw its net profit stand at 78.3 billion yuan (about 10.99 billion U.S. dollars) for 2018.