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China Evergrande to produce up to 1 million electric cars in 3 years

Evergrande Health Industry Group Ltd. is targeting a production capacity of up to 1 million vehicles within three years as it embarks on its plan of becoming the largest electric car manufacturer in the world, Bloomberg News reported.

The China Evergrande Group subsidiary said in a March 22 statement cited by the news outlet that its manufacturing plant in Tianjin, China, would be the home of its "for the masses" electric vehicle product. Production will kick off in June with a pure battery car, suggesting that the vehicle will not be a hybrid, according to the report.

Plans for new production plants in Shanghai and Guangzhou are in the works, and these efforts could potentially push output to between 500,000 and 1 million cars, Bloomberg added, citing the Chinese conglomerate.

China Evergrande has invested more than US$1.1 billion in 2019 so far to spark its electric car initiative, and taking on an industry dominated by U.S. based car manufacturer Tesla Inc. The March 23 report added that Evergrande Health's first car will utilize the Phoenix platform of Swedish car company Saab Automobile, which is owned by National Electric Vehicle Sweden AB. China Evergrande acquired a 51% stake in National Electric in January for US$930.0 million.