Chinese property developer Evergrande Group, which bought into American new energy automaker Faraday Future, is advancing into the electric vehicle sector with great ambitions to make five million cars per year, The Paper reported.

The Evergrande Faraday Future Smart Vehicles Group, which will be fully responsible for the R&D and production management, has launched its headquarters in Guangzhou city in Guangdong province.

Peng Jianjun, chairman of the new group, said annual production capacity is expected to reach five million units in ten years, with FF91, FF81 and other models covering all levels of electric vehicles ready to serve the global market.

Meanwhile, in the next ten years, the company is also planning to build five R&D and production bases in East China, West China, South China, North China and Central China.

In late June, Evergrande acquired a 100% stake in the Hong Kong-based Time Good Limited, and thus indirectly acquired 45% of the shares in Smart King.

The latter is a joint venture founded by Time Good and Faraday Future’s original shareholders represented by Jia Yueting. It wholly owns both FF America and FF Hong Kong.