Chinese real estate giant Evergrande Group continues to expand its portfolio in electric car manufacturing, The Paper reported.

Its subsidiary, NEVS, a global electric car company based in Sweden, has made a deal with Spirit of Performance AB and Alpraaz AB which is the parent company of Koenigsegg — a Swedish manufacturer of high-performance sports cars.

According to the agreement, Alpraaz AB agreed to issue new shares to NEVS, and SOP agreed to sell its shares to NEVS. The total amount of the deals will reach €150 million.

Meanwhile, NEVS and Koenigsegg will co-found a project company in which NEVS will hold 65% of the stakes and the rest 35% will held by Koenigsegg.

Koenigsegg will inject capital into the project company before the production in the form of an unconditional shareholder‘s contribution, amounting to US$70 million.