Evergrande NEV Shares Jump as Parts for First 10,000 Electric Cars Lined Up
Zhang Yushuo
DATE:  Nov 30 2020
/ SOURCE:  Yicai
Evergrande NEV Shares Jump as Parts for First 10,000 Electric Cars Lined Up Evergrande NEV Shares Jump as Parts for First 10,000 Electric Cars Lined Up

(Yicai Global) Nov. 30 -- Shares of the electric vehicle arm of property developer China Evergrande Group jumped following the release of a report that showed the carmaker is preparing parts for its first 10,000 vehicles.

ChinaEvergrandeNew EnergyVehicleGroup [HKG: 0708] soared as much as 8.3 percent today before closing 6.9 percent higher at HKD23.95[USD3.09], giving the Shenzhen-based company amarket cap of HKD211.2 billion (USD27.2 billion).

Subsidiary Evergrande Hengchi New Energy Shanghai will start a project to make auto parts for 100,000 electric vehicles, according to a report the city’s environmental regulator posted on its website today.

Earlier this month, Evergrande NEV began trial output at plants in Shanghai and Guangzhou in preparation for mass production next year of the six Hengchi brand models it unveiled in August.

The automaker aims to leapfrog Tesla to become the world's largest and most powerful player in the new energy vehicle market within three to five years, Evergrande founder Xu Jiayin said last year.

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Keywords:   NEV,Evergrande