Evergrande to build NEV bases in Guangzhou

Property giant Evergrande Group has inked an agreement with the southern Chinese city of Guangzhou to build three bases for the production of new energy vehicles (NEVs).

Evergrande will invest 160 billion yuan (about 23.21 billion U.S. dollars) to build the bases producing complete vehicles, batteries and electric machinery in Guangzhou, according to the agreement.

The complete vehicle base will be capable of producing one million cars each year.

To support Evergrande's development in the new energy automobile industry, the local government will continue to improve its business environment and provide effective and high-quality services.