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China Evergrande Plans to Build Electric Cars, Batteries in Qingdao

By An Limin, Liu Yukun and Denise Jia / Sep 13, 2019 05:53 AM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Real estate giant China Evergrande Group plans to build a car plant and a battery factory in Qingdao, a port city in eastern China, according to sources at the city’s government.

Local media reported earlier that city government officials have been in contact with Evergrande since March. Qingdao municipal Party Secretary Wang Qingxian met with Evergrande Chairman Xu Jiayin during this year’s “two sessions,” the annual meeting of legislative delegates and political advisers held in March, and the two sides expressed interest in cooperating, local newspaper Qingdao Daily reported March 9.

The government website of Pingdu, a county-level city under Qingdao, shows that local government officials visited Evergrande’s new-energy vehicles unit in Shenzhen in March and reached an initial agreement on a new-energy vehicle cooperation project.

The Pingdu government disclosed at a meeting in July that it reserved a 400-acre parcel of land for the Evergrande project.

A local newspaper reported last month that Laixi, another county-level city under Qingdao, will host Evergrande’s electric car battery factory. The initial investment in the plant will be 10 billion yuan ($1.41 billion), the paper reported.

There has been no official announcement of agreement on either project. A person close to the Qingdao government told Caixin that Evergrande postponed the construction time. A person close to Evergrande said the projects haven’t been finalized.

Contact Reporter Denise Jia (huijuanjia@caixin.com)


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