Chongqing Sokon Industry Buys Out US-Based InEvit, Takes On Tesla's First CEO as Full-Time Employee
Zhang Xia
DATE:  Oct 18 2017
/ SOURCE:  Yicai
Chongqing Sokon Industry Buys Out US-Based InEvit, Takes On Tesla's First CEO as Full-Time Employee Chongqing Sokon Industry Buys Out US-Based InEvit, Takes On Tesla's First CEO as Full-Time Employee

(Yicai Global) Oct. 18 -- SF Motors Inc., a wholly-owned subsidiary of Chongqing Sokon Industry Group Stock Co. [SHA:601127] has invested USD33 million to acquire a 100-percent stake in InEvit Inc., which was founded by new-energy vehicle giant Tesla Inc.'s [NASDAQ:TSLA] first chief executive, Martin Eberhard, the parent company revealed yesterday.

After the deal, Eberhard will join SF Motors full time. Heiner Fees, InEvit co-founder, and Mike Miskovsky, InEvit's chief executive and a senior investment expert in Silicon Valley, will also join SF on a full-time basis.

InEvit's main focus is the research, design and development of battery systems for electric vehicles. With the California-based company under its belt, Chongqing Sokon Industry will be able to expand its technical strength and better understand sophisticated battery systems for new-energy vehicles to become more competitive in terms of products and branding.

The listed Chinese company is a manufacturing firm with engines and new-energy vehicles at its core. It has sold to more than 70 countries and regions to date. The firm forecasts it netted CNY480 million (USD72.7 million) to CNY500 million in profit through the first nine months of this year, up 65 to 72 percent when compared with the same period last year.

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Keywords:   Chongqing Sokon Industry,InEVit,M&A,New-Energy Vehicles,Electric Vehicles