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China Evergrande's new electric cars group targets 5 million units per year

Property developer China Evergrande Group's newly formed Evergrande Faraday Future Smart Vehicles Group is planning to make 5 million cars per year, Asia Times reported, citing Chinese news outlet The Paper.

China Evergrande, through its Evergrande Health Industry Group Ltd., acquired the controlling entity of the U.S.-based electric car startup Faraday Future Group in June. The new group will be fully responsible for the R&D and production management.

Citing Peng Jianjun, the new group's chairman, the report noted that annual production capacity is expected to reach 5 million units in 10 years. The company, which has launched its headquarters in Guangzhou city in Guangdong province, also plans to develop five R&D and production bases across China.

China Evergrande acquired a 100% stake in Hong Kong-based Time Good Ltd., which owns 45% of the shares in Smart King, a joint venture between Time Good and Faraday Future's original shareholders. Smart King wholly owns FF America and FF Hong Kong, according to the report.

China Calxon Group Co., another China Evergrande unit, also ventured outside the property sector with the acquisition of two Beijing-based cinema operators in July.