Evergrande NEV said it has suspended paying some of its operating expenses and some suppliers have suspended work. The cashflow difficulties mean the carmaker that once had ambitions to take on Elon Musk’s Tesla Inc in the electric-vehicles industry will now likely miss its target to start mass deliveries next year. Shares of the electric car unit slid to as low as 1.66 Hong Kong dollars ($0.21) in early trade before paring losses to fall 2.2 percent. The company has shed more than $84bn in market cap from its peak in April when it was valued at more than Ford Motor Co. Link
Suspect the plans might have gone up in smoke.
China’s $87 Billion Electric-Car Giant Hasn’t Sold a Vehicle Yet
Bloomberg News 19 April 2021, 7:00 am AEST Updated on 19 April 2021, 6:16 pm AEST
O.M.G. 87 billion and not a car sold? I might skip this brand
