Evergrande Group in China has acquired 51% of the shares in NEVS AB in Sweden, a global new energy smart car group. Evergrande Group is a well-known company included in the Fortune Global 500 list, with its businesses covering, real estate, health and hi-tech industries and cultural tourism.

NEVS AB was founded in 2012 by Kai Johan Jiang when he bought the bankruptcy estate of Saab Automobile. Since then he has been major owner of the company.

Over the past six years, NEVS has built a new car manufacturing plant in Tianjin, China, and now has started to build another in Shanghai, China, in addition to the one the company has in Trollhättan, Sweden.

To do this and to develop new electric vehicles and transport solutions for the future requires a lot of money; the company has for a long time looked for new strong investors.

Kai Johan Jiang, with his company, NE Holding, will have 49% of the shares following Evergrande’s purchase.