Evergrande’s EV-Maker Soars on $500 Million Stake Sale Deal

(Bloomberg) — The electric-vehicle (EV) unit of defaulted property developer China Evergrande Group agreed to sell a roughly 28% stake to Dubai-based startup NWTN Inc., sending the carmaker’s shares soaring Tuesday on expectations the deal could keep it in business.

NWTN will invest $500 million in China Evergrande New Energy Vehicle Group Ltd. in exchange for shares and a majority of the EV-maker’s board, the companies announced Monday. The transaction is subject to conditions including Evergrande Group’s debt restructuring, as well as regulatory and shareholder approvals.