Evergrande’s EV Unit Says Share Sale with Dubai Automaker Lapses

The electric-vehicle unit of defaulted property developer China Evergrande Group said a planned $500 million share sale to a Dubai-based carmaker has expired, raising more doubts about the fate of the cash-strapped EV manufacturer.

Hong Kong-traded China Evergrande New Energy Vehicle Group Ltd., also known as Evergrande Auto, said late Monday that the share subscription and loan conversion agreement with Nasdaq-listed NWTN Inc. lapsed on Dec. 31. Neither party agreed on an extension of the long-stop date, according to a company filing.