Evergrande invests 23 billion in EV production

The Chinese real estate group Evergrande Group is investing the equivalent of around 23 billion US dollars in the construction of three plants for electric vehicles and their components in .

The plan is to build one production facility for no less than one million electric cars per year and two additional plants for the production of batteries with a total capacity of 50 GWh per year, (The Global Times reports this as being 500 GWh per year, which is clearely a typo and is refuted by Evergrande’s own press release.) In addition, electric motors and electronic control systems are to be manufactured in-house in one of the factories.