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China Evergrande's EV firm partners Tencent unit to develop smart vehicle OS

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·1-min read
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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)