Business, Gadgets & Electronics

Chinese Home Appliances Company Crashes Electric Car Market

Dong Mingzhu, chairman of Gree Group, revealed that the company has acquired a new-energy company and plans to start making electric cars.

Gree is not the first Chinese company to tap this sector. Information technology companies like Letv and Baidu already entered the new-energy car sector, and they have capital advantages. Plus, foreign interlopers like Tesla have bankrolled retail operations in China to promote their automobiles.

In March 2016, A-share market listed company Gree stated that the company planned to issue new shares for asset purchases. The acquisition target was Zhuhai Yinlong New Energy Company Limited, whose main business is new-energy vehicles. Yinlong produces 33,000 electric buses and 100,000 electric SUV vehicles annually. With this transaction, Gree will realize its inter-trade development and enter the new-energy vehicle sector.

Commenting on the inter-trade development of Gree, Dong said the times are changing, and so are the business ideas of Gree. The company aims at multi-brand operations and introducing more Chinese brands to the world.

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