(Yicai Global) March 18 -- Chinese property giant Evergrande Group will start producing its first electric vehicle this June to deliver across the globe.
Evergrande has completed its supply chain for new energy vehicle production and it will strive to become the world's largest and most powerful NEV group in a range of three to five years, state-backed Xinhua News Agency reported yesterday, citing Chairman Xu Jiayin who was speaking at a car summit. Xu is China's richest property developer, with a net worth of CNY250 billion (USD37.3 billion).
The Shenzhen-based firm has been accelerating its auto investment this year with the latest acquisition of Dutch TeT Drive Technology, which owns e-Traction brand of in-wheel motors. Last January, Evergrande bought a majority stake in NEVS, the parent of Saab brand, followed by a 20 percent stake in Swedish electric sports car firm Koenigsegg Automotive. It also took control of Shanghai battery maker Cenat New Energy, which boasts advanced Japanese technologies.
Last April, Evergrande Health became the biggest shareholder of Jia Yueting's Faraday Future but the partnership fell through at the end of last year due to disagreements related to Jia's tattered credit record in China and a funding schedule.
Editor: Emmi Laine