(Yicai Global) Nov. 13 -- Evergrande New Energy Automobile Group will introduce its first car in next year's first half and achieve mass production by 2021, Xu Jiayin, chairman of its parent China Evergrande Group, announced yesterday.
Evergrande New Energy has embarked on cooperation with 60 component companies worldwide yesterday, including German parts makers Bosch, ZF Friedrichshafen and Continental and Canada's Magna International. The company has thus formed an initial parts supply chain in the auto making field.
Xu will spend three to five years building Evergrande New Energy into the world's largest and strongest new energy vehicle group.
"The Group aims to lead the world in technologies and the manufacturing quality of new energy vehicles," Xu had said earlier.
Evergrande New Energy must have world-leading core technology and product quality, and it needs to greatly cut costs, he noted.
The Shenzhen-based parent, which is China's second-largest property developer, plans to invest CNY45 billion (USD6.4 billion) in carmaking in three years, i.e. CNY20 billion this year, CNY15 billion next year, and CNY10 billion in 2021.
The designed annual production capacity of Evergrande's top ten global plants will be 500,000 units, with an initial capacity of 100,000 units, Xu stated. The firm had previously planned to produce 1 million cars per year in the first phase, then strive to achieve an annual output of 5 million cars within 10 years.
Editor: Ben Armour