HONG KONG (Reuters) – China Evergrande New Energy Vehicle Group Ltd said on Monday it will form a joint venture with a unit of technology giant Tencent Holdings Ltd to develop a smart vehicle operating system employing proprietary intellectual property.
The electric vehicle (EV) arm of real estate developer China Evergrande Group said it will contribute 60% of capital to the venture while Tencent unit Beijing Tinnove Technology Co Ltd will make up the remainder.
“Both parties are expected to give a full play of their respective capabilities in new energy vehicle research and development, manufacturing, artificial intelligence, big data, cloud computation, commuting and other fields,” the EV firm said in a Hong Kong bourse filing without giving further details.
China Evergrande New Energy Vehicle in January raised $3.4 billion in a share sale to fund research and repay debt.
Reporting by Donny Kwok; Editing by Christopher Cushing