Evatran Receives Huge Investment from Leading Chinese Automotive Parts Manufacturer
Published By : 29 Jun 2015 | Published By : QYRESEARCH
Evatran Group Inc., announced the completion of formalities pertaining to investment from Zhejiang VIE Science and Technology Company (VIE), which leads in manufacturer of automotive parts and is based in Zhejiang province of China.
An investment of US$1.6 million by the Chinese company, which is initial investment in the first phase of the partnership with Evatran is aimed to launch wireless electric vehicle (EV) products in China, which is the largest market for EV in the world.
In late 2014, by sales volume, China surpassed the U.S. to be the largest market for electric vehicles in the world. The discussion for the partnership started in early 2015 and the first investment as part of it was closed in early June, to move forward with the plans and due diligence to bring Plugless Technology products in China.
To further boost the China market, VIE will enter into additional equity investment with Evatran’s Series B investment which will open later in this year.
VIE which is headquartered in Zhuji city in the Zhejiang Province of China, is a top of the line automotive manufacturer that works with both global automotive market and OEMS that are based in China.
VIE released its IPO in 2011 on the Shenzhen Security Exchange and the whole of VIE group, which includes (VIE Science & Technology Co. and other sister business units of the company) exceeded US$1.2 Bn in sales in 2014.
VIE is known for its specialization in the making and development of automotive parts and has been instrumental in developing several trade and state standards throughout the country. The partnership with Evatran is step ahead as part of several investments that the company has made in new vehicle technologies.