Evergrande Auto Electric Vehicles
Evergrande Health announced that the group plans to change its name to Evergrande Auto as its shift strategy to new energy vehicles. Over the last two years, the group has built a new energy vehicle industry presence covering batteries, powertrains, vehicle manufacturing, vehicle sales, and charging. Evergrande Health (HK00708) (planned to be renamed Evergrande Auto) has a market value of approximately HK$300 billion, which it intends to leverage to be a leading EV company.
Evergrande Auto plans to build ten vehicle production bases in China, Sweden, and countries along the "Belt and Road." The production bases will cover all core technologies in the EV value chain. The first-phase production capacity of each base is planned for 100,000 vehicles per year. The production capacity will increase to a million units over a 2-3 period, bringing the total capacity of the group to 5 million vehicles over the next 10 to 15 years.
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