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Chinese Appliance Company Jumps into EVs
Gree Electric Appliances Inc. is the latest Chinese company to enter the fast-growing electric vehicle market there.
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Gree Electric Appliances Inc. is the latest Chinese company to enter the fast-growing electric vehicle market there.
Gree, China’s largest supplier of air conditioners, is spending 13 billion yuan ($2 billion) to Zhuhai Yinlong New Energy Co., pending government approvals, Bloomberg News reports. The deal was announced in March.
Yinlong has been making lithium-ion EV batteries for seven years and markets a range of electric sedans, minivans and large buses in China. Bloomberg says Gree, which generates 86% of its revenue from air conditioners, reported revenue of 100 billion yuan ($15 billion) and net income of 6.4 billion yuan ($962 million) last year.
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