China Evergrande Group reckons it can take on Elon Musk's Tesla

Reuters

A Chinese developer known for its investments in everything from soccer clubs to spring-water companies is taking on Elon Musk in the electric vehicle arena, declaring it can be the biggest manufacturer in the world within three to five years.

China Evergrande Group, the nation’s second-largest property developer, has been moving further away from its real estate roots for years, but this may be its boldest departure yet. The firm said in a statement on its website Tuesday that it plans to start selling EVs “soon.”

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