Chinese Air-Con Maker Gree Bets $2 Billion on Electric Cars

  • Gree will fund purchase of Yinlong New Energy with share sale
  • Gree’s new shares priced about 19% below last traded price

A workman installs an airc onditioning unit outside an apartment in Beijing.

Photographer: Adrian Bradshaw/EPA

Gree Electric Appliances Inc., China’s largest air-conditioner maker, is diving into the fast-growing electric vehicle market with its 13 billion yuan ($2 billion) acquisition of Zhuhai Yinlong New Energy Co.

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