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China Evergrande plans to sell electric vehicles

China Evergrande Group is planning to sell electric vehicles "soon," Bloomberg News reported, citing a company statement.

The plan was unveiled after Hui Ka Yan, chairman of the Chinese property developer, told a March 16 supply-chain conference in Tianjin, China, that the Hong Kong-listed real estate group intends to become the world's biggest electric vehicle group within three to five years.

Hui was cited in the March 19 report as saying that China Evergrande is now armed with advanced technology to achieve its goal after making a mark across the electric-vehicle industry chain.

In June 2018, China Evergrande's Evergrande Health Industry Group Ltd. subsidiary made a HK$6.75 billion takeover play for Season Smart Ltd., which controls electric car startup Faraday Future Group. The property company also invested US$930.0 million in January for the acquisition of a 51% stake in global electric vehicle company National Electric Vehicle Sweden AB and roughly 1.06 billion yuan for the purchase of Shenzhen Clou Electronics Co. Ltd.'s 58.07% interest in battery maker Shanghai CENAT New Energy Co. Ltd.

As of March 19, US$1 was equivalent to 6.71 yuan.