Property giant Evergrande to double down on electric vehicles, targets up to 1 million capacity in five years

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Mainland real estate developer China Evergrande Group said it aims to dominate the global electric vehicle market in the next three to five years, targeting production capacity of 500,000 to 1 million vehicles.

Controlled by Hui Ka-yan, China’s third richest billionaire, the unit has built up its auto venture since mid-2018 by buying up cutting-edge foreign technology, intellectual property, battery producer and a domestic distribution network at home and abroad.

Earlier this month, the home builder unveiled a line-up of six Hengchi models and plans are afoot . . .

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