In Depth: Evergrande’s Electric Car Ambitions Hit Speed Bumps

Real estate giant China Evergrande Group is betting big that China’s electric car sector will continue to boom, even as the subsidies that played a huge role in creating the market are getting phased out.

With the stated ambition of becoming the world’s largest new-energy vehicle company, Evergrande said it spent 14.1 billion yuan ($1.96 billion) on electric-vehicle (EV) projects in the first half. It says it plans to pump another 6 billion yuan into the area by year end.