One of China’s real estate giants, Evergrande Group, has set up a new energy car company and four wholly-owned subsidiaries involved in electric car technology and sales, The Paper reported.

Since 2018, Xu Jiayin, chairman of Evergrande, has no longer invested in Jia Yueting’s electric car brand, Faraday Future. Instead, Xu has kicked off a series of large acquisitions in the auto sector.

So far, Xu’s investment in the auto industry has covered almost the entire industrial chain of producing a whole new energy car, from battery supply to dealers. According to sources, the total investment has reached about 28.353 billion yuan.

The company spent $930 million to acquire a 51% stake in Swedish-based global electric car company NEVS on January 15.

On January 24, its wholly-owned subsidiary, Evergrande New Energy Power Technology, became the largest shareholder of another electric car maker, Shanghai Cenat New Energy, in a 1.059-billion-yuan deal.

And days later, on January 29, the company invested in Swedish sports car company Königsegg for 150 million euros, aiming to produce the world’s top new energy vehicles.