Evergrande Partners with Global Auto Engineering Giants for New Car Designs

SHENZHEN,China,Sept. 26,2019 -- Evergrande New Energy Automotive Group signed a strategic cooperation agreement on Wednesday with five top global auto engineering companies,to jointly undertake R&D and design of 15 new models,ranging from full-size luxury to midsize and classic vehicles. The partnership includes participation from FEV Group,EDAG Engineering Group and IAV Group in Germany,AVL Group in Austria,Canadian Magna Group's Europe market,and marks a milestone for the Evergrande Group's effort to strategically develop best-in-class auto technology.

Xu Jiayin,Chairman of the Board of Directors of Evergrande Group,attended the signing ceremony,which was held at Evergrande Group's headquarters in Shenzhen. Stefan Pischinger,President and Chief Executive Officer of FEV Group,Cosimo de Carlo,Chief Executive Officer of EDAG Engineering Group,and Ulrich Eichhorn,Chief Executive Officer of IAV Group also were attendance,along with Helmut List,Chief Executive Officer of AVL Group,and Gunther Apfalter,Chief Executive Officer of Magna Europe.

The companies signing the cooperation agreement are global leaders in automotive research,engineering and design,including chassis,BIW engineering,powertrain,E/E,vehicle integration and interior and exterior,and have developed vehicles for such global automakers as Ferrari,Porsche,BMW,Mercedes-Benz,Audi,Toyota and Ford.

"China is poised to become a world leader in the production of new energy vehicles," said Xu Jiayin,Chairman of Evergrande Group. "The agreement allows Evergrande New Energy Vehicle Group to become a major force in this development."

The Group plans to develop its new energy vehicle production into a global powerhouse over the next three to five years,increasing annual production and sales capacity to five million cars within ten years. The group has also announced plans to recruit 8,000 experts and specialists. Over the last year,Evergrande has partnered with Koenigsegg Automotive AB,Hofer,and BENTELER to develop technologies crucial to the latest vehicle models. Evergrande also bought e-Traction,a Dutch company,and Protean,a British company,to acquire advanced wheel motor technology.

The Group aims to lead the world in technologies and the manufacturing quality of new-energy vehicles. In China,Evergrande has high-end smart factories in Guangzhou,Shanghai,Tianjin and Shenyang,utilizing the world's top manufacturing equipment and technology,to provide the full range of supplies for Evergrande's premier NEV brand "Hengchi".