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China’s saturated EV market is getting even more saturated. How saturated, you ask? The country’s second largest property developer by sales, Evergrande Group, is now getting into the EV market. 

Evergrande New Energy Vehicle, a unit of China Evergrande Group, has now joined the masses in China in dipping its feet into the EV market. The company – which will be a likely direct competitor to Tesla in the country – has unveiled six new-energy car types spanning sedans, SUVs and even a minivan.

The company says it is going to “push ahead with the production and official launch of the cars,” according to Bloomberg. The vehicles will be branded under Hengchi, Evergrande’s new energy vehicle name.

The company also reiterated its commitment to become the largest and most powerful new energy automobile group in the world in just three to five years. We wonder: has anyone woken this guy up from his haze and told him?

Recall, just days ago we noted that there has been non-stop hype in EV stocks for the better part of the last several years. Over the last few months, that momentum has picked up. We just noted days ago that many EV-makers in China were going public just to stave off bankruptcy, showcasing the market’s appetite for such names. 

Stocks in the U.S. like Kandi Technologies, Nio and Workhorse have all had recent runs on the back of continued EV hype.

And new Chinese startup Li Auto just saw major success upon listing its shares on the NASDAQ, proving that: a) the EV hype is still alive and b) U.S. investors have learned precisely nothing from watching one China-based fraud implode after another. Li Auto is backed by TikTok owner Bytedance and ecommerce company Meituan Dianping. 

Tu Le, founder of Sino Auto Insights, told FT: “The US market clearly still has a large appetite for electric vehicles, but it’s frothy and there is probably a bubble.” 

The company was founded in 2015 and sold 10,400 of its six seater SUV hybrid vehicle that use both a battery and a combustion engine by June of this year. The company – as we noted in our above linked article – faces significant competition from a growing field of EV names coming out of China.

The competition in the EV market – especially in China – is starting to become super-saturated. But rather than actually allow the market to consolidate and eliminate some of the smaller players, Chinese EV companies are taking another route to stave off going under: going public.

Hozon New Energy Automobile is the latest name to launch an IPO, Bloomberg pointed out in a recent article, saying it wants to list in Shanghai next year. WM Motor Technology Co. is also considering a listing, potentially this year. They will join names like Evergrande, Nio, Tesla and Li Auto in competing in the world’s largest auto market.

Hozon is trying to capitalize on lower priced vehicles, offering an electric SUV for less than $10,000. The company has already shipped more than 16,000 vehicles. WM Motor is seeking a valuation of about $4.3 billion and is backed by names like Baidu and Tencent. Li Auto is seeking an IPO in the U.S. that could raise up to $1 billion.