China Evergrande says that the company plans to begin mass production of its fully electric vehicles as early as 2022. During its 2020 corporate performance review press conference, Xu Jiayin, chairman of the China Evergrande Group, said that Evergrande EV will aim to enter trial stages in the fourth quarter of this year and will initiate its full manufacturing capacity in 2022.
The latest messaging from Xu strays slightly from the company’s previously stated strategic goals. Earlier announcements from Liu Yongshuo, Evergrande EV’s president, indicated that the company planned to enter trial stages in early 2021 before starting mass production later this year.
Nonetheless, a six-month delay won’t stop China Evergrande from becoming the fastest company to to achieve a mass output of electric vehicles. However, the Chinese real estate hegemon did not reveal other details regarding how the company plans to complete their goals other than stating that the corporation is willing to achieve them at all costs.
Furthermore, the Chinese company also set out its goal to become a cutting-edge electric vehicle company on the world stage.
Evergrande EV released six design models in August 2020, followed by three other design models leaked to the public in early 2021. Chinese media outlet Jiemian has reported that Evergrande planned 14 electric vehicle models simultaneously in order to cover various needs from customers from different backgrounds and income levels.
Evergrande also disclosed that it had invested 294 million yuan ($44.8 million) in its electric vehicle segment. The company also plans to open at least 1600 sales dealerships and 300 service shops in the future.
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The announcement from Evergrande came after news emerged that smartphone manufacturing company Xiaomi also plans to enter the electric vehicle business with an initial $10 billion investment. Xiaomi’s electric vehicle development unit will be led directly by the company’s CEO Lei Jun.
Both Xiaomi and Evergrande will face a crowded market in China and around the world. In addition to competing with electric automobile brands such as Tesla, Nio and Xpeng, the two companies will also need to compete against traditional automakers such as Volkswagen, Ford and General Motors, which have begun to show a more significant presence in the global EV market.