Liability Laden Evergrande Now Eyes China's EV Market: CNBC

October 12, 2021 4:12 PM | 1 min read |

Chinese property developer Evergrande Property's EVGPF EVGPY electric vehicle unit will make its EV debut in 2022, CNBC reports.
The move marked its debut in the cutthroat market ruled by NIO Inc NIO, XPeng Inc XPEV, and Tesla Inc TSLA.
Evergrande interacted with suppliers and the local government in Tianjin's production base and pledged to push forward with mass production of its Hengchi-branded cars.
Tianjin's local government agreed to coordinate with financial institutions to support Evergrande for mass production.
Evergrande previously pledged annual production and sales of 1 million cars by 2025.
The most indebted property developer's default has triggered concerns of a contagion effect, hampering the entire economy.
XPeng admitted to producing 100,000 cars six years since its launch.

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