Jan 25, 2019 06:34 AM

Evergrande Buys Battery Maker, Furthering EV Push

Evergrande makes another foray into electric vehicle sector with a $155.8 million investment in a battery maker. Photo: VCG

China Evergrande Group agreed to buy a controlling stake in an automotive battery maker, increasing the property development company’s strategic bet on the electric vehicle market.

Hong Kong-listed Evergrande Health Industry Group Ltd., a wholly owned subsidiary of Evergrande, will acquire a 58.07% stake in Shanghai CENAT New Energy for 1.06 billion yuan ($155.8 million), China’s third-largest property developer said Thursday. Shanghai CENAT produces lithium-ion batteries for vehicles.

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