May 25, 2020 - 02:08 pm

Evergrande breaks ground on e-drive production plant

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The extremely ambitious electric car plans of the Chinese Evergrande Group are becoming more concrete: In Huzhou in Zhejiang Province, local media reported that the ground-breaking ceremony for a production facility of Evergrande for electric drive systems has now taken place.

Once the plant is completed, it will be able to produce 500,000 electric drive systems per year. According to reports, the investment amounts to 15 billion yuan or slightly less than two billion euros. For this purpose, a research and development centre is to be built next to the production facility, where Evergrande intends to work on the electric drive units, but also on autonomous driving and the integration of electric motors and batteries.

At the same time, Evergrande Group is building vehicle plants in a number of Chinese cities, which will enable a total output of one million electric vehicles. Two of the plants in Guangzhou and Shanghai are scheduled to be completed in the second half of this year and will be operational in 2021 with a capacity for 200,000 electric vehicles. The Hengchi 1 is scheduled to be presented in the first half of 2020 and go into series production in 2021.

The Chinese group originally grew up with real estate and now wants to become one of the largest producers of new energy vehicles. In March last year, Company boss Hui Ka Yan announced that “Evergrande aims to become the largest and strongest electric vehicle group in the world within three to five years.” In the middle of last year, the Chinese company based in Hong Kong announced investments of the equivalent of 23 billion US dollars in EV production. Up to now, Evergrande has been busy purchasing know-how – either by means of a takeover as in the case of NEVS, by partial entry as in the case of Koenigsegg, by means joint ventures as in the case with Hofer or by cooperation as in the case of FEV Group, EDAG, IAV Group, AVL and Magna.

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Found on electrive.com
https://www.electrive.com/2020/05/25/evergrande-breaks-ground-on-e-drive-production-plant/
25.05.2020 14:49