Evergrande buys majority stake EV battery maker

For the EUR 137.9 million, Evergrande will buy a 58.07% stake in Cenat New Energy from Shenzhen Clou Electronics Co Ltd. Earlier this month the Chinese conglomerate acquired a 51% stake in Swedish electric car manufacturer Nevs. Cenat focuses on on ternary pouch type power battery. The company has a global R&D team of over 300 experts, a technical team of over 1’500 personnel to go along with its four major production bases located in Shanghai, Jiangxi, Guangxi and Jiangsu. Explaining the reason behind the acquisition, Evergrande states that is is aiming to complete the layout of its new energy vehicle industry production chain as a whole. Power battery, being a core component of new energy vehicles, is crucial to making the new energy vehicle industry bigger and stronger, a press release reads.