Evergrande New Energy Automotive Group signed a strategic cooperation agreement 
on Wednesday with five top global auto engineering companies, to jointly 
undertake R&D and design of 15 new models, ranging from full-size luxury to 
midsize and classic vehicles. The partnership includes participation from FEV 
Group, EDAG Engineering Group and IAV Group in Germany, AVL Group in Austria, 
Canadian Magna Group's Europe market, and marks a milestone for the Evergrande 
Group's effort to strategically develop best-in-class auto technology.

Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, attended the 
signing ceremony, which was held at Evergrande Group's headquarters in 
Shenzhen. Stefan Pischinger, President and Chief Executive Officer of FEV 
Group, Cosimo de Carlo, Chief Executive Officer of EDAG Engineering Group, and 
Ulrich Eichhorn, Chief Executive Officer of IAV Group also were attendance, 
along with Helmut List, Chief Executive Officer of AVL Group, and Gunther 
Apfalter, Chief Executive Officer of Magna Europe.

The companies signing the cooperation agreement are global leaders in 
automotive research, engineering and design, including chassis, BIW 
engineering, powertrain, E/E, vehicle integration and interior and exterior, 
and have developed vehicles for such global automakers as Ferrari, Porsche, 
BMW, Mercedes-Benz, Audi, Toyota and Ford.

"China is poised to become a world leader in the production of new energy 
vehicles," said Xu Jiayin, Chairman of Evergrande Group. "The agreement allows 
Evergrande New Energy Vehicle Group to become a major force in this 
development."

The Group plans to develop its new energy vehicle production into a global 
powerhouse over the next three to five years, increasing annual production and 
sales capacity to five million cars within ten years. The group has also 
announced plans to recruit 8,000 experts and specialists. Over the last year, 
Evergrande has partnered with Koenigsegg Automotive AB, Hofer, and BENTELER to 
develop technologies crucial to the latest vehicle models. Evergrande also 
bought e-Traction, a Dutch company, and Protean, a British company, to acquire 
advanced wheel motor technology.

The Group aims to lead the world in technologies and the manufacturing quality 
of new-energy vehicles. In China, Evergrande has high-end smart factories in 
Guangzhou, Shanghai, Tianjin and Shenyang, utilizing the world's top 
manufacturing equipment and technology, to provide the full range of supplies 
for Evergrande's premier NEV brand "Hengchi".



SOURCE:Evergrande New Energy Automotive Group