Evergrande cooperates with Hofer, establishing a new JV

On July 23, Germany, Evergrande and Germany's Hofer Powertrain Group signed an agreement in Stuttgart, announcing the official launch of a new joint venture between the two companies, the Evergrande Hofer Powertrain. Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, and Johann HOFER, founder and CEO of the German Hofer Group, attended the event.

According to the agreement, Evergrande holds 67% of the joint venture company and Hofer holds 33% of the shares. The joint venture company owns the leading technology and top R&D manufacturing team of German Hofer in the powertrain field, develops and applies the industry-leading core technology of powertrain. And to build a global advanced R&D and production base in China, Johann HOFER will serve as the chairman of the joint venture company.

According to the data, hofer was founded in 1980 and is a leading company in the field of automotive power engineering. It has 15 research institutes and 4 cooperative production bases in Germany, the United States, Britain, Italy, Austria and other countries. It has long-term cooperation with Mercedes-Benz, BMW, Audi, Volkswagen, Jaguar, Lamborghini, Fiat Chrysler and other auto companies.