Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did 😎Read how

Evergrande NEV starts first mass production -sources

Published 12/30/2021, 06:00 AM
Updated 12/30/2021, 06:06 AM
© Reuters. FILE PHOTO: A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. Picture taken October 20, 2021. REUTERS/Yilei Sun

SHANGHAI/HONG KONG (Reuters) - China Evergrande New Energy Vehicle Group started its first mass production on Thursday, two sources with direct knowledge of the matter said.

Mass production for its inaugural Hengchi 5 sport-utility vehicles at its Tianjin production facilities came 12 days ahead of schedule, the people said, and the firm plans to hold an official ceremony in the next two weeks.

The firm, a major unit of cash-strapped property developer China Evergrande Group, has been struggling to secure external investment for its operations.

Evergrande NEV declined to comment.

Evergrande has introduced several EV models, but the rest have yet to enter mass production.

The EV firm said in November it had been negotiating with potential buyers regarding the disposal of some assets and talking to potential investors about funding.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.