Mar 08, 2022 05:57 PM

Crisis-Mired China Evergrande Hits Electric Vehicle Roadblock

Photo: VCG
Photo: VCG

(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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