Evergrande spend $375 m to buy NEVS remaining stake

June 11 (UPI) — Mini Minor, the holding company of NEVS, entered into an equity deal with National Modern to buy a 17.6 percent stake in National N.S. for $379 million ($2.65 billion), June 11.

Under the agreement, $379 million will be paid in four instalments, with $80 million in the first period at the time of completion of the equity sale agreement, $100 million for the second period on or before July 31, 2020, $100 million for the third period on or before 31 August, and $99.5 million for the fourth period on or before September 30. Evergrande Health said the acquisition was expected to be completed by June 12.

Upon completion of this acquisition, NEVS will become a wholly owned subsidiary of Mini Minor.

According to the data, NEVS was established in April 2012 as a carrier company specifically established to acquire Saab automotive technology and assets in Sweden. In August of the same year, NEVS completed the acquisition of Saab Automobiles (including powertrain, automotive molds, etc.). At present, NEVS mainly focuses on electric intelligent car manufacturing, motor, electronic control, intelligent charging and other fields.

It is worth mentioning that NEVS is also an indirect controlling shareholder of Guoneng Automobile. In June 2015, Guoneng Automobile was incorporated with a registered capital of 2.4 billion yuan. At present, Guoeng automobile has pure electric passenger car production qualification, which is one of the reasons ever Grande chose NEVS.

It is understood that SINCE NEVS was acquired by Evergrande, Evergrande car construction has started the world’s aquisition process, through a series of acquisitions, on August 28, 2019 launched the Hengchi car brand.

At present, Evergrande in the simultaneous development of 14 models, covering a full range of products: the first car “Hengchi 1” will be unveiled this year, put into production in 2021, Guangdong, Shanghai production base will be completed in the second half of this year, the first phase of planning capacity of 200,000 vehicles, Hengchi full range of products will be from 2021 to full production, the first phase of the total planned production capacity of 1 million vehicles.