China’s Evergrande Health buys 51% of Swedish electric vehicle firm for $930M

Evergrande Health Industry Group Ltd said it would buy a 51 percent stake in National Electric Vehicle Sweden AB (NEVS) for $930 million, as the Chinese healthcare service provider continues to diversify into new energy automotive industry.

Evergrande Health, a unit of property developer China Evergrande Group, said it would buy the stake in National Electric Vehicle Sweden AB (NEVS) from a third party, Kerryman Holdings Ltd.

The first installment of $430 million was paid on Jan. 15, with the remainder to be paid on Jan. 31, it said.

Intelligent automobiles focussed NEVS, which acquired core assets and intellectual property rights of Saab Automobile AB in 2012, owns production bases in Trollhättan in Sweden and Tianjin in China. It is planning another production base in Shanghai.

Last month, Chinese electric vehicle developer Faraday Future signed a new restructuring agreement with its main investor Evergrande Health, ending a bitter legal fight.

Shares of Evergrande Health jumped as much as 8 percent to their highest in 20 months, outpacing a 0.4 pct slide in the broader market.

https://www.marketscreener.com/HANG-SENG-101835/news/China-s-Evergrande-Health-buys-51-percent-of-Swedish-EV-firm-for-930-million-27871856/