Chinese firm plans massive EV investment

Chinese firm Evergrande Group has announced a US$23 billion investment in EVs.

Reported to be the world’s biggest real estate company and backers of EV start-ups like Faraday Future and NEVS (SAAB’s electric successor), Evergrande says the investment will go into producing a million EVs and 500gWh of batteries annually, Electrek says.

Evergrande says it has “acquired key technologies in the sector” and now plans to launch its own massive production of EVs in China, announcing its latest investment in three Guangzhou factories, the Global Times China reports.

One of the three bases will be able to make a million EVs annually.

The other two factories will produce up to about 500gWh of batteries annually, along with electric motors and electronic control systems to equip the million EVs.

Chinese media say the company intends using technology from its recent acquisition and investments, such as that in battery company Shanghai Cenat New Energy, supercar maker Koenigsegg, and NEVS.

No date is provided for a production start.