Evergrande owns or has stakes in numerous EV companies. With numerous acquisitions the Hong-Kong based Evergrande Group recently built up its own car business at break-neck speed.
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Now Evergrande is struggling to pay its debts after Beijing stepped up curbs on the real estate sector to contain the risks of a bubble.
Evergrande group ev. China Evergrande New Energy Vehicle Group sank as much as 22 per cent on Thursday after its parent said the unit lost 48 billion yuan 740 million in the first half of 2021. Evergrande looks to sell stake in EV unit. The EV businesss market value was about 87bn at its April 16 peak greater than that of Ford Motor and almost four times the capitalisation of China Evergrande.
With its first foray into the EV business Evergrande. Another sign of increasingly hectic MA activity in automotive.
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