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August 5, 2020

Evergrande unveils six EV models in China

Evergrande, the Chinese property developer that has set its sights on becoming a leading global electric vehicle manufacturer, unveiled six electric vehicle models in China on Monday.

By Olly Wehring

Evergrande, the Chinese property developer that has set its sights on becoming a leading global electric vehicle manufacturer, unveiled six electric vehicle models in China on Monday.

Renamed Evergrande New Energy Vehicle Group, the company showcased a range of sedans, MPVs and SUVs under its Hengchi brand at events held in the cities of Shanghai and Guangzhou, as it looks to take on Tesla in the premium EV segment.

The company said it plans to develop 14 new energy vehicle models and begin mass production in 2021 or 2022, confirming plans announced by chairman Xu Jiayin last November that it planned to invest CNY45bn (US$6.4bn) by 2021 to develop and produce electric vehicles. 

Xu said he aimed to develop Evergrande into the world's largest EV manufacturer with annual sales of 1m units within five years.

Last year the company acquired a controlling stake in National Electric Vehicle Sweden for US$930m and invested over US$300m in a new venture with Swedish supercar maker Koenigsegg. It also acquired a 58% stake in Chinese lithium-ion battery maker Shanghai Centa New Energy Company.

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