China’s $ 87 billion electric car giant has not yet sold a vehicle

(Bloomberg) – The sprawling pop-up showroom of China Evergrande New Energy Vehicle Group Ltd. is located in the heart of the Shanghai National Exhibition and Convention Center. With nine models on display, it’s hard to miss. The electric car upstart has one of the largest booths at the 2021 Chinese Motor Show, which starts on Monday, across from famous German automaker BMW AG. But its bold presence refutes an unpleasant truth: Evergrande has not sold a single car under its own brand. China’s largest real estate developer has a range of investments outside of real estate, from soccer clubs to retirement villages. But it’s the recent entry into electric cars that is sparking the imagination of investors. Shareholders have pushed Evergrande NEV’s Hong Kong-listed shares up more than 1,000% in the past 12 months to raise billions of dollars in fresh capital. It now has a market value of $ 87 billion, …

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