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Tue. 12 Oct 2021, 4:12pm ETBenzinga
In: News, Tech, Media
  • Chinese property developer Evergrande Property's (OTC:EVGPF) (OTC: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 (NYSE:NIO), XPeng Inc (NYSE:XPEV), and Tesla Inc (NASDAQ: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.