• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
SUBSCRIBE
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Chinese EV manufacturer Evergrande once worth more than Ford has lost huge $80 billion

Rohit Yadav by Rohit Yadav
September 15, 2021
in Business, Markets, News, Tech, Trending
0
China evergrande

Image: Financial Times

215
SHARES
3.6k
VIEWS
TwitterWhatsappLinkedin

Evergrande New Energy Vehicle Group Ltd. shares fell again on Tuesday, continuing a slide that has cost the would-be electric-car producer more than $80 billion in market value this year.

You might also like

Bill Gates 5 cents on Generative AI: GPT 5 will not be much better than GPT 4

New Year, New Prices: Automakers like Honda, Tata & Mercedes Benz Announce Price Hikes for January 2024 in India

Cybertruck Beats Porsche 911 in a Drag Race

China evergrande
Image: Financial Times

The Hong Kong-listed business has been entangled in the troubles of its parent China Evergrande Group, which was valued more than Ford Motor Co. at its peak in April despite not having a car on the market. As it grapples with $300 billion in obligations, the property developer warned Tuesday it is experiencing “tremendous” financial constraints.

Evergrande also stated that efforts to sell interests in its electric-car unit, which was once one of its most prized assets, had made “no meaningful progress.” In Hong Kong trade Tuesday, Evergrande NEV stock fell as low as HK$3.70, a 28 percent drop. It has dropped 95% from its previous highs.

Evergrande NEV — which stands for New Energy Vehicles — stated in its financial report last month that it would have to delay car production unless it can find more funding in the immediate future, making its lofty aim of dethroning Tesla Inc. as the world’s largest EV producer even more improbable.

The drop is a long cry from the heady days of last year and early this year, when the stock capped a remarkable 750 percent rise, becoming the poster child of an EV stock bubble as investors poured money into Tesla and U.S.-listed Chinese companies Li Auto Inc., Xpeng Inc., and Nio Inc.

Evergrande NEV made a statement at the Shanghai Auto Show in April with an enormous showroom in the center of the event. Despite the fact that nine models were displayed, none of them are now for sale, and mass production appears to be a long way off.

What is China Evergrande?

China Evergrande, formerly known as Hengda, was the country’s second-largest property firm by sales until recently.

Evergrande sells flats to upper- and middle-income property purchasers in the southern metropolis of Shenzhen, near Hong Kong. It has a presence in over 280 cities across the world. Hui Ka Yan (Xu Jiayin in Mandarin) founded the company in 1997 and has subsequently become a millionaire as China’s economy has opened up.

Evergrande has risen dramatically as a result of China’s unparalleled expansion, which has resulted in a spectacular real estate bubble. The company claims to employ 200,000 people and has completed approximately 900 commercial, residential, and infrastructural projects.

Evergrande has branched out into other sectors of the economy, such as food and entertainment. It also owns the Guangzhou FC football club, which was previously known as Guangzhou Evergrande.

However, the company’s electric car division, which was formed in 2019, is presently not selling any automobiles. Hui was ranked the third richest man in China by Forbes last year, but his fortune has subsequently plunged.

Tags: electric vehiclesEvergrandeEvergrande GroupFord Motor Co.
Tweet54SendShare15
Rohit Yadav

Rohit Yadav

Hi! I'm Rohit, If you like reading about markets, technology and business, you've come to the right place. Catch me: rohit@connasys.com

Recommended For You

Bill Gates 5 cents on Generative AI: GPT 5 will not be much better than GPT 4

by Harikrishnan A
December 3, 2023
0
Embracing the Three-Day Work Week: Bill Gates and the AI Revolution

The past year has seen a remarkable surge in excitement regarding Generative AI. It has further been amplified by the substantial investments flowing in. The November 2022 launch...

Read more

New Year, New Prices: Automakers like Honda, Tata & Mercedes Benz Announce Price Hikes for January 2024 in India

by Ashmita Maria
December 3, 2023
0
Honda Elevate

As the year draws to a close, major car manufacturers in India, including Honda, Tata Motors, and Mercedes-Benz, have announced plans to increase the prices of their vehicles...

Read more

Cybertruck Beats Porsche 911 in a Drag Race

by Ashmita Maria
December 3, 2023
0
Cybertruck and Porsche 911 in a race

In a recent demonstration of its jaw-dropping performance, the Tesla Cybertruck stunned onlookers by beating a Porsche 911 in a drag race – while simultaneously towing another 911....

Read more
Next Post
SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference

Softbank to establish second Latin American fund for $3bn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Produce Read-Only or Write Protected USB Flash Drives with Nexcopy USB Duplicator Systems.

Related News

How To Beat Escape from the Castle Claymount

How To Beat Escape from the Castle Claymount

December 2, 2023
Blooket

How to hack blooket

September 30, 2022
How to send a gift message on Instagram

How to send a gift message on Instagram

August 18, 2023
How to get Johnny Silverhand arm in ‘Cyberpunk 2077’

How to get Johnny Silverhand arm in ‘Cyberpunk 2077’

August 28, 2023
Cybertruck in a showroom

Tesla Cybertruck Showroom Locations: Where to See the Electric Beast in Person

November 24, 2023
How to get Santa on ring doorbell

How to get Santa on ring doorbell

August 7, 2022

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at info@techstory.in

Advertise With Us

Reach out at info@techstory.in

BROWSE BY TAG

#Crypto acquisition AI amazon android Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk entrepreneurship Ethereum facebook flipkart funding Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT Russia Social Media SpaceX startup startups tech Tech news technology Tesla TikTok trending twitter uber whatsapp

© 2023 Techstory Media Pvt Ltd

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2023 Techstory Media Pvt Ltd

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?