China's Gree moves forward with EV plan, report says
Gree Electric Appliances Inc. is moving ahead with its 13 billion yuan ($2 billion) acquisition of electric vehicle manufacturer Zhuhai Yinlong New Energy Co., Bloomberg reported on Thursday.
The company, China's largest maker of air conditioners, announced its intention to buy Yinlong in March, Bloomberg said, and it is among the dozens of startups and industrial companies venturing into EVs.
Gree is making the purchase to support the Chinese government's push to clean up the environment and promote greener technologies, Chairman Dong Mingzhu told Bloomberg during a March interview in Beijing. "The decision was made with the premier's work report target to have blue skies, green pastures and clear water," she told Bloomberg, referring to Premier Li Keqiang's report to the legislature that listed the government's priorities for the year.
Yinlong says on its website that it started manufacturing batteries for EVs in 2009 and has a line of seven electric passenger cars and 18 electric buses. The company sold 3,189 electric buses as of January, giving it a market share of 3.6 percent in China, Yinlong told Bloomberg.
More than 200 Chinese companies -- with backers including Alibaba Group Holding's Jack Ma -- are developing 4,000 models of new-energy vehicles and unveiling prototypes, Bloomberg reported.
Gree is making the purchase to support the Chinese government's push to clean up the environment and promote greener technologies, Chairman Dong Mingzhu told Bloomberg during a March interview in Beijing. "The decision was made with the premier's work report target to have blue skies, green pastures and clear water," she told Bloomberg, referring to Premier Li Keqiang's report to the legislature that listed the government's priorities for the year.
Yinlong says on its website that it started manufacturing batteries for EVs in 2009 and has a line of seven electric passenger cars and 18 electric buses. The company sold 3,189 electric buses as of January, giving it a market share of 3.6 percent in China, Yinlong told Bloomberg.
More than 200 Chinese companies -- with backers including Alibaba Group Holding's Jack Ma -- are developing 4,000 models of new-energy vehicles and unveiling prototypes, Bloomberg reported.
