Crisis-Mired China Evergrande Hits Electric Vehicle Roadblock
(Nikkei Asia) — China Evergrande Group’s crisis has cast a dark cloud over the real estate empire’s expensive bid to speed into the electric vehicle business.
The huge developer that now finds itself under a crushing debt load had intended for electric vehicles to become a medium- to long-term revenue source. A subsidiary set up to handle the venture turned out its first mass-produced vehicle in January despite not having received regulatory approval for the model.
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