Koenigsegg cooperates with Chinese investor to expand in electric car market.

Christian von Koenigsegg CEO of Koenigsegg with Koenigsegg Regera model and Sonny Persson, a long term Koenigsegg factory driver and former three-time Swedish Karting Championship winner, on a test drive in Sweden.

Koenigsegg, a Swedish supercar maker together with The Evergrande group, a Chinese property development group are planning to expand together in EV car productions in 2020-21.

Eariler in January 2019, the Evergrande group invested over US$300m in a new venture, acquired 20% of shares with Swedish supercar maker Koenigsegg, acquired 51% of shares in National Electric Vehicle Sweden for US$930m and many other European car companies. They also plans to invest US$154m in a 58% stake in lithium-ion battery maker Shanghai Center at New Energy.

Mr. Xu Jiayin, The Evengrande group chairman, announced last week at a conference in Guangzhou, China:

“I wants my company to become the world’s largest producer of new-energy vehicles, with annual sales of over one million units within five years.” 

“The funds will be use to acquire any core technologies and companies that require to achieve these targets, if we can’t buy the companies we need, we’d like to join hands with them through cooperation” 

Mr Xu also announced: “my company plans to unveil its first electric vehicle, the Hengchi 1, in the first half of 2020 with mass production scheduled for 2021.”

“A total of 15 models are currently under development and the company has eight plants in use or under construction – in Tianjin, Shanghai, Shenyang, Guangzhou and also in Sweden.”

Some analysts consider Evergrande’s targets to be extremely ambitious, especially given the sharp decline in new-energy vehicle sales in China in recent months.

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