Will Evergrande become an electric carmaker?

China’s Evergrande is starting to pay its overdue debt and restart some of its stalled real estate projects, but it is signaling that it wants to move away from housing and focus on building electric vehicles.

According to Chinese state media, Chairman Xu Jiayin announced that the firm wants to make electric vehicles its main business within 10 years.

The comments, during an internal meeting at Evergrande, come as the company has demonstrated some attempts to get back on solid feet.

Moreover, Evergrande has resumed work on more than 10 housing projects in Guangdong province, which will be delivered to home buyers one after another.

The Chinese company is buckling under more than $300 billion worth of debt, and it faces a wave of upcoming interest payment deadlines.