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

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

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

HONG KONG (Reuters) – The Chinese Evergrande New Energy Vehicle Group Ltd. announced on Monday that it has entered into a joint venture with a unit of tech giant Tencent Holdings Ltd. to develop an intelligent vehicle operating system with proprietary intellectual property.

The electric vehicle arm of real estate developer China Evergrande Group announced that it will bring 60% of the capital into the company, while Tencent’s Beijing Tinnove unit Technology Co Ltd will do the rest.

“Both parties are expected to use their respective skills in research and development of new energy vehicles, manufacturing, artificial intelligence, big data, cloud computing, commuting, and more,” the EV firm said in a filing on the exchange Enter Hong Kong without further details.

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

Reporting by Donny Kwok; Arrangement by Christopher Cushing

Original Source © Reuters

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