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Everg Health (00708) unit buys 70% in TeT Drive Tech
15 Mar 2019
(Infocast News) Evergrande Health Industry (00708) announced that on 15 March 2019, its subsidiary entered into an Equity Transfer Agreement to buy 70% equity interest in TeT Drive Technology (TeT), free from any encumbrance, from Tianjin Tianhai Group at a consideration of RMB500 million.

According to Evergrande Health Industry, "TeT is the leader in the worldwide research, development and production of in-wheel motors, and wholly-owns e-Traction, an international leading research, development and production enterprise in inwheel motors and electric automobile powertrain systems. e-Traction was established in 1981 and is headquartered in the Netherlands. It is equipped with internationally advanced in-wheel motor technologies and numerous patent technologies. With the same mileage, TeT's Turn-Key EV powertrain technology is able to preserve more electricity as compared to those installed with centralised motors, which is utilized by current mainstream new energy vehicles. By virtue of optimizing the overall vehicle structure, space utilization is improved, while design, manufacturing and maintenance costs are correspondingly reduced. In terms of safety, the optimization in the energy management system coupled with the advanced battery management system allow TeT to ensure safety of both the battery and the entire vehicle; the application of TeT's in-wheel motor also lowers the height of gravity centre, ensuring a smoother, steadier and safer drive."

(WL)
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