Evergrande to build EV production complex in Guangzhou

Evergrande Group plans to build a 160 billion yuan ($23 billion) production complex for electric vehicles and related components in the south China city of Guangzhou.

The site will boast an EV plant with annual capacity of 1 million vehicles, a factory that can build up to 50 gigawatt-hours of EV batteries a year and a plant capable of supplying electric motors and control systems to 1 million EVs annually.

Evergrande Group has yet to reveal timelines for construction of the three plants.

In 2018, Evergrande Group, a leading real estate developer in China, started to diversify into the domestic EV sector and announced a goal of turning itself into the largest EV producer worldwide in three to five years.