China Evergrande’s EV firm partners Tencent unit to develop smart vehicle OS

A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong
FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip

March 16, 2021

HONG KONG (Reuters) – China Evergrande New Energy Vehicle Group Ltd said on Monday it will form a joint venture with a unit of technology giant Tencent Holdings Ltd to develop a smart vehicle operating system employing proprietary intellectual property.

The electric vehicle (EV) arm of real estate developer China Evergrande Group said it will contribute 60% of capital to the venture while Tencent unit Beijing Tinnove Technology Co Ltd will make up the remainder.

“Both parties are expected to give a full play of their respective capabilities in new energy vehicle research and development, manufacturing, artificial intelligence, big data, cloud computation, commuting and other fields,” the EV firm said in a Hong Kong bourse filing without giving further details.

China Evergrande New Energy Vehicle in January raised $3.4 billion in a share sale to fund research and repay debt.

(Reporting by Donny Kwok; Editing by Christopher Cushing)