Jan 25, 2019 05:49 PM

Friday Tech Briefing: Evergrande Buys Vehicle-Battery Company

1.Evergrande Buys Battery Maker, Furthering EV Push

China Evergrande Group announced Thursday that it will pay 1.06 billion yuan ($155.8 million) for a 58.07% stake in Shanghai CENAT New Energy, which produces lithium-ion batteries for vehicles.

This is the property developer’s second move into the electric-vehicle market in recent weeks. The group’s subsidiary Evergrande Health agreed on Jan. 15 to pay $930 million for 51% of National Electric Vehicle Sweden AB (NEVS), a Swedish electric carmaker.

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