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Guangdong Land Developer Digs $25 Million Into EV Company

Maybe this is where the rubber meets the road.

A land developer has stepped into China’s buzzing electric vehicle (EV) industry.

Guangzhou-based developer Agile Group will invest over HK$200 million ($25 million) in Hong Kong EV services provider WE Solutions, taking up around 6% of its total shares, according to Caixin’s calculation based on a Wednesday statement from the company.

WE Solutions has already garnered the investment backing of multiple billionaires in the Greater Bay Area, including Hong Kong’s richest man Li Kashing, and founder and chairman of the TCL group Li Dongsheng. Both Agile and WE Solutions are listed on Hong Kong’s stock exchange.

An Agile representative told Caixin that the latest cooperation is mainly finance, but the two parties will remain open to further collaboration in business developments in the future. The developer has no previous EV business experience, according to records.