An interesting name change in China. The Evergrande Health Industry Group Limited (Evergrande Health) becomes the China Evergrande New Energy Vehicle Group (Evergrande Auto). The company announced the renaming yesterday on the Hong Kong stock exchange where the shares are traded.
The name change is more than just a change of name. Commentators indicate a rebalancing of the future business model. This makes it clear that the automotive industry is the most important business area of the future for Evergrande.
Evergrande has big ambitions
Evergrande Auto is building several with investments worth billions Workswhich are expected to be completed by the end of the year. Yesterday, the company again emphasized its plan to become the world's largest supplier of vehicles with alternative drives in 3 to 5 years.
For Evergande, the Chinese market comes first, then export. Regardless of this, the future of Trollhättan is an exciting question from a European perspective. The complete takeover of NEVS and the former Saab plant should be completed in September at the latest. It is currently unclear what Evergrande Auto is planning with it. The plant is strategically located in the EU, so supplying all European countries is not a problem.
From Saab to Evergrande?
What is happening in Trollhättan? Will the NEVS lettering shine over the old Saab halls in the future? Or will it disappear and Evergrande Auto makes a statement in Sweden? Will NEVS go down in history as a footnote, or continue to exist alongside Hengchi as a sub-brand in the Evergrande Auto realm?
We will see.