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Bloomberg
China Evergrande Group, a property developer that has ambitions to dominate the global electric-vehicle industry, has approached two Dutch truck-and-bus makers about possible acquisitions, according to people familiar with the matter.
The group, headed by China’s third-richest man, has reached out to Paccar Inc’s DAF Trucks NV and closely held bus manufacturer V DL Groep BV, the people said, asking not to be named as the matter is private. It’s still early in the process and there is no guarantee that a deal will be reached, they said. It wasn’t immediately clear how open the Dutch companies are
to a sale.
DAF and VDL would provide Evergrande with technology to electrify trucks and buses, while building on Chairman Hui Ka Yan’s recent moves to diversify beyond his real-estate roots. Evergrande has declared it can take on the likes of Tesla and become the leading EV manufacturer in the world within three to five years.
Based in China’s southern manufacturing belt, China’s second-biggest property developer has stood out for some of its investments in recent years, with Hui leading pushes into everything from soccer clubs to healthcare. In the process, the group’s built up one of China’s biggest piles of debt.
Representatives at Evergrande didn’t respond to requests for comment. Paccar, which bought DAF in 1996, declined to comment. VDL also declined to comment.
VDL, based in Eindhoven, has about 17,000 employees, makes buses and coaches and offers car-assembly services.