Evergrande Health Industry Group recently published an announcement, stating that its subsidiary has signed an equity transfer agreement with Tianjin Tanhas Technology, Hubei TeT Drive Technology, and Lv Chao.

According to the equity transfer agreement, the buyer agrees to pay CNY500 million to acquire a 70% stake in TeT Drive Technology from the sellers. TeT Drive Technology is a global leader in hub motor development and manufacturing. It wholly owns the world-leading hub motor and electric car drive system developer and manufacturer e-Traction.

Founded in 1981 and headquartered in Netherlands, e-Traction has internationally advanced hub motor technologies and a large number of patented technologies. e-Traction has production layout in both Netherlands and China. Its products have been extensively used in 14 cities of eight European countries since 2009.

Evergrande Health said that motor is one of the core parts of new energy cars. With the acquisition, they can introduce the world-leading hub motor drive technologies, which will lay its competitive advantage in motor electronic control and further complete its industrial chain layout in the new energy car sector.

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