---
title: "Faraday Future Investor Evergrande Wants to Launch Its Own EV in 2019"
description: "The Chinese company will allegedly rely on Koenigsegg and Saab successor NEVS to make that happen."
date: "2019-03-21"
modified: "2019-03-21"
authors:
  - name: "Stephen Edelstein"
    job_title: "Weekend Editor"
    link: "https://www.thedrive.com/authors/stephen-edelstein"
url: "https://www.thedrive.com/tech/27034/faraday-future-investor-evergrande-wants-to-launch-its-own-ev-in-2019"
categories:
  - "Car Tech"
  - "Electric Vehicles"
  - "News"
tags:
  - "China"
  - "Electric Cars"
  - "Electric Vehicle"
  - "NEVS"
  - "Tech"
---

# Faraday Future Investor Evergrande Wants to Launch Its Own EV in 2019

![](<https://www.thedrive.com/wp-content/uploads/images-by-url-td/content/2017/08/20170828-charging.jpg>)
*\<em\>www.thedrive.com</em>*

China's Evergrande started out in real estate, but now it wants to become a major manufacturer of electric cars. After investing in existing automakers, Evergrande now plans to start production of its own line of electric cars in June, according to [*Reuters*](<https://www.reuters.com/article/us-china-evergrande-electric/chinas-evergrande-says-to-start-making-electric-vehicles-in-june-idUSKCN1R0147>).

Evergrande hopes to become the world's largest "new-energy vehicle" company within three to five years, chairman Hui Ka Yan said at a conference over the weekend. "New-energy vehicle" is the Chinese regulatory term for battery-electric, plug-in hybrid, and hydrogen fuel-cell vehicles. Evergrande will likely start out selling cars in its home country, although Hui reportedly said the company will launch its first global-market model "soon."

Lacking any previous experience in car manufacturing, Evergrande will rely on partnerships to achieve its ambitious goal. In a statement, the company said it will work with National Electric Vehicle Sweden (NEVS), [supercar maker Koenigsegg](<https://www.thedrive.com/news/26206/koenigsegg-turns-to-saab-successor-nevs-to-expand-market-reach>), and Dutch firm e-Traction. NEVS is the entity that bought the remains of Saab after the Swedish automaker's bankruptcy. Evegrande [bought a majority stake in NEVS](<https://www.thedrive.com/tech/26018/faraday-future-investor-buys-chinese-backed-company-that-acquired-saab-in-2012>) earlier this year and is also the majority investor in Koenigsegg.

Evergrande previously took a 45-percent stake in U.S.-based Faraday Future. The deal was initially viewed as a lifesaver for Faraday as it provided the troubled startup with $2 billion to get its much-delayed [FF 91 electric SUV](<https://www.thedrive.com/tech/6792/the-faraday-future-ff-91-is-a-tesla-fighting-electric-car-packed-with-tech>) into production. But the relationship [quickly soured](<https://www.thedrive.com/news/26664/furloughed-faraday-future-workers-still-on-hold-despite-new-investments-report>), and the two companies have since agreed to new terms that reduce Evergrande's role.

Faraday's history could provide an important lesson to Evergrande. The electric-car startup initially received a major investment from Chinese entrepreneur Jia Yueting and his Le Eco tech company. Jia, who is still associated with Faraday, wanted to use Faraday's expertise to make Le Eco-branded electric cars, even showing off a concept car at one point. But Le Eco eventually hit financial trouble, forcing Faraday to seek new investors like Evergrande. Like Le Eco, Evergrande is a company with no automotive experience looking to buy its way into the car business. Will it fare any better?

Only time will tell.

## Author
Stephen has always been passionate about cars, and managed to turn that passion into a career as a freelance automotive journalist. When he's not handling weekend coverage for The Drive, you can find him looking for a new book to read.

### Author social links  
[Twitter](<https://twitter.com/SAEdelstein>)