The undated photo shows a retail store of Chinese air conditioner giant Gree Electric. [Photo: fdc.com.cn]
Chinese home appliance manufacturer Gree Electric has announced plans to tap into the country's growing electric car industry by cooperating with domestic car maker Yinlong New Energy.
The air conditioner giant has filed a report to the Shenzhen Stock Exchange, saying that is preparing to purchase Yinlong within a month.
Gree Electric shares were suspended on Monday.
Yinlong has been involved in acquiring a series of battery and electric motor companies since 2010.
The Zhuhai-based car maker is currently valued at around 5 billion yuan or 760 million US dollars.
In the past month, Chinese authorities rolled out plans for the construction of more battery charging facilities, as well as a goal of increasing the share of new-energy vehicles in the public transportation system.
Source: Gree Electric to Tap into China's New Energy Vehicle Sector
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