chinese market: It aims to upgrade its public service vehicle fleet with those powered by clean energy by 2020, according to Global Times China. Photo VCG Tesla, which is betting big on the Chinese market, faces a new but ambitious cash-rich rival from the real estate sector, Evergrande Group, which announced in recent days a 160 billion yuan 23.12 billion investment in Guangzhou, capital of South China's Guangdong Province, to build production bases for electric vehicles. The tropical province issued a plan on Tuesday to boost the development of new-energy cars, vowing to ban the sales of fuel-based cars by 2030. The move, coming from a property developer that is good at deciphering China's policy moves, could intensify pressure on the US automaker, whose plans in China already face strong uncertainty amid an escalation of the trade war. Evergrande aims to invest 160 billion yuan in Guangzhou's Nansha district to set up three major bases for new energy vehicles, according to a statement the Nansha local government sent to the Global Times Wednesday. Some industry insiders say regulators could target Tesla after Ford, if China-US relations collapse.
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