Evergrande New Energy Vehicle aims 1 mln cars sale by 2025

minutes 2021/04/19 06:27:06

Apr 19, 2021 (China Knowledge) - China’s Evergrande New Energy Vehicle Group Ltd has nine models on display, with the biggest booth at China’s 2021 Auto Show yet it has not sold a single car.

Evergrande has a huge array of investments ranging from real estate to soccer clubs, and retirement villages but entering the EV industry is a whole new ball game. Evergrande faced a full-year loss in 2020 by 67%, and deliveries are not expected to be made until 2022. Production capacity forecast was also pushed back, with expectations to produce 500,000 to 1 mln EVs annually pushed back until 2025.

Evergrande has also teamed up with Tencent Holdings and Baidu to develop a software for their EVs to allow cars to drive on autopilot mode and to remote control driver’ appliances at home while on the road.

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