Evergrande invests 23 billion in EV production
The Chinese real estate group Evergrande Group is investing the equivalent of around 23 billion US dollars in the construction of three plants for electric vehicles and their components in Guangzhou.
The plan is to build one production facility for no less than one million electric cars per year and two additional plants for the production of batteries with a total capacity of 50 GWh per year, (The Global Times reports this as being 500 GWh per year, which is clearely a typo and is refuted by Evergrande’s own press release.) In addition, electric motors and electronic control systems are to be manufactured in-house in one of the factories.
The Hong-Kong based real estate giant Evergrande Group has ambitious plans in the electric car business and has quickly been acquiring the necessary know-how – from the battery cell to vehicle production. After investing in Faraday Future, which was a rocky entry into the electric vehicle business, the two companies settled on Evergrande holding 31 per cent of the US startup’s shares. Shortly afterwards, Evergrande moved decisively along the electric vehicle product chain. In January this year, Evergrande Health became the new main owner of NEVS – Saab’s all-electric successor – as well as acquiring 20 per cent of the… Read more »