Evergrande, a Chinese firm believed to be the biggest real estate company in the world and backers of electric vehicle startups like Faraday Future and NEVS, announced a massive $23 billion investment in the production 1 million electric cars and 500 GWh of batteries per year.
The company is known for having its hands in many different businesses in China and overseas.
With a valuation at more than $100 billion and revenues of over $40 billion, Evergrande is now looking to expand into electric vehicles.
They have been making moves in the space for years with a large stake in Faraday Future for $2 billion and another $2 billion to take control of NEVS, SAAB’s all-electric successor.
After acquiring large stakes in those electric vehicle companies, Evergrande claims to have “acquired key technologies in the sector” and now plans to launch its own production of electric vehicles in China in a big way.
Evergrande, a Chinese firm believed to be the biggest real estate company in the world and backers of electric vehicle startups like Faraday Future and NEVS, announced a massive $23 billion investment in the production 1 million electric cars and 500 GWh of batteries per year.
With a valuation at more than $100 billion and revenues of over $40 billion, Evergrande is now looking to expand into electric vehicles.
After acquiring large stakes in those electric vehicle companies, Evergrande claims to have “acquired key technologies in the sector” and now plans to launch its own production of electric vehicles in China in a big way.
