China's Biggest Drink Maker Wahaha to Develop Electric Cars
Liao Shumin
DATE:  Sep 10 2018
/ SOURCE:  Yicai
China's Biggest Drink Maker Wahaha to Develop Electric Cars China's Biggest Drink Maker Wahaha to Develop Electric Cars

(Yicai Global) Sept.10 -- A unit of China's largest beverage firm Hangzhou Wahaha Group will tap the red-hot new energy vehicle sector.

Zhejiang Wahaha Chuangye Investment has set up a new subsidiary called Zhejiang Deqing Wahaha Technology Innovation Center whose business scope involves NEV manufacturing, the national corporate register shows. The new company is located in the Moganshan National High-tech Zone in the parent's eastern home province, with a registered capital of CNY50 million (USD7.3 million).

The company's line of business covers energy-saving and environmentally friendly technologies related to new energy vehicles and smart cars, as well as new-generation information, sensors, advanced equipment manufacturing, and new materials. The firm will also explore the fields of bioengineering, biopharmaceuticals, and development of medical apparatus.

Ample government subsidies have accelerated the development of China's NEV manufacturing market to become the world's largest while making these environmentally cleaner options more affordable for buyers. In the past two years, a large number of startups such as NIO and Xpeng Motors, as well as home equipment makers including Gree Electric Appliances and TV maker Skyworth Group, and even real estate developers such as Evergrande Group and Wanda Group are embarking on the electric car business to find new sources of profit. 

Editor: Emmi Laine 

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Keywords:   Wahaha,Intelligent Automobile,Smart Cars,NEV,EV,F&B,Hangzhou Wahaha Group,Zhejiang Wahaha Chuangye Investment