China Evergrande New Energy Vehicle Group’s president Liu Yongzhuo at an online meeting indicated that it will start accepting orders for two models of its inaugural electric car imminently. The exact dates are not yet known. The meeting was attended by nearly 200 global parts suppliers. Evergrande NEV will open sales centres in 15 major cities across the country including Guangzhou, Tianjin, and Shanghai. Group chairman Hui Ka Yan said at an internal meeting that the EV arm will start mass production on June 22.

The unit only recently got the approval to begin selling the two models from from the Ministry of Industry and Information Technology. With the parent China Evergrande reeling through a debt crisis, its electric vehicle arm has been struggling to secure external investment. The company has been in the process to get investors in to help improve finances for months including the disposal of some assets. 

Evergrande’s dollar bonds were higher at distressed levels of 13-13.5 cents on the dollar.

For the full story, click here

Show Buttons
Hide Buttons