Car Inc., a car and fleet rental company, is set to become the largest shareholder of FDG Electric Vehicles, due to an agreement to buy HK$540 million ($81 million) worth of shares in the Hong Kong-listed company, China Money Network reports.
FDG Electric Vehicles researches, designs, develops, manufactures, and sells of battery-electric vehicles. The company also produces and sells lithium-ion batteries and the material to make them.
With Car Inc., and its largest shareholder chauffeured car service Ucar, owning a 22% stake in FDG, the rental car agency is expanding into the clean energy auto segment.
In 2015, FDG Electric Vehicles received permits from China’s National Development and Reform Commission to manufacture fully-electric vehicles.