What happened: Evergrande Health aims to build production capacity for 1 million electric vehicles (EV) in the next three years. Its parent company, the real estate conglomerate Evergrande Group, said last week that it had plans to begin producing vehicles as early June.
Why it’s important: An ugly breakup with EV startup Faraday Future has further motivated Evergrande in its ambitions to produce electric cars. Amid a broader government push, the company aims to become the world’s largest manufacturer of new energy vehicles (NEVs), including EVs and hybrids, in the next five years. In January, the property juggernaut set up an NEV company with $2 billion in registered capital. Prior to this, it pledged $930 million for a 51% stake in National Electric Vehicle Sweden through Evergrande Health. Evergrande has also invested more than RMB 1 billion (around $150 million) in EV battery manufacturer Shanghai CENAT New Energy.