The additional investment, which adds to an existing A$72 million commitment and will be spent by the end of June 2025, will also aid purchases of electric cars and buses for government and business fleets.
China Evergrande New Energy Vehicle Group Ltd will issue about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd, after striking a similar deal with it last week.
The motor, known as an axial-flux motor and designed by the British startup YASA which Daimler acquired earlier this year, weighs a fraction of its diesel equivalent and can boost the range of an EV by up to 7%.
The regulations would lead to up to 145,000 extra charge points being installed in England each year in the run-up to 2030, when the sale of new petrol and diesel cars will end in Britain.
Germany aims to have at least 15 million electric cars on the roads by 2030 in its shift towards climate neutrality, up from a previous goal of 14 million.
The pre-production bus will start running on roads within the next few weeks, and series production is due to begin at a plant in the U.S. state of South Carolina in the second quarter.
