CHINA: Hangzhou Wahaha Group has set up a car manufacturing subsidiary, Zhejiang Haha Technology Innovation Centre Co. Ltd., in order to enter the automotive industry. Although government approval is still required for formal business operations, the automotive offshoot is intending to develop intelligent vehicle technologies and smart cars using next-generation technologies as well as novel, environmentally and energy friendly materials. A move that is largely motivated by forecasts of increasing consumer demands and government incentives for electric vehicles and automotive technological advancements.
Previously, Chief Executive of Wahaha Group, Zong Qinghou, had pledged his deep interest in technology and invested over US$10m over a span of five years in an Isreali artificial intelligence centre focused on the development of camera lens in driver-less cars.
Other Chinese start ups entering the electric vehicles market include NIO, XPENG Motors as well as established household appliance manufacturers LeEco and GREE and real estate companies Baoneng, Evergrande and Wanda Group.
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