Evergrande Health seeks to have production capacity of up to 1 million vehicles within three years as part of its efforts to become the world¡¯s largest electric car manufacturer, starting with the launch of an electric vehicle in June.
The China Evergrande Group unit said in a statement Friday that production of the EV "for the masses" would start at its Tianjin plant. Its description as a pure EV suggests the new vehicle won¡¯t be a hybrid.
The property-focused conglomerate has begun planning for new manufacturing hubs in Shanghai and Guangzhou that will push potential output to between 500,000 and 1 million vehicles, according to the statement.
Evergrande is the latest company looking to take on Tesla Inc. It has already spent more than $1.1 billion this year on an array of EV-related companies as part of its push into the EV market.
Evergrande Health¡¯s first electric car will use Saab¡¯s "Phoenix" platform as part of a vehicle lineup to be developed that will range from mid-price to luxurious, according to the statement. Evergrande Health moved to buy National Electric Vehicle Sweden AB, the owner of Saab Automobile assets, in January.