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Bloomberg

China’s $87 Billion Electric-Car Giant Hasn’t Sold a Vehicle Yet

(Bloomberg) -- China Evergrande New Vitality Car Group Ltd.’s expansive pop-up showroom sits on the coronary heart of Shanghai’s Nationwide Exhibition and Conference Heart. With 9 fashions on show, it’s arduous to overlook. The electrical automotive upstart has one of many greatest cubicles at China’s 2021 Auto Present, which begins Monday, reverse storied German automaker BMW AG. But its daring presence belies an uncomfortable fact -- Evergrande hasn’t offered a single automotive below its personal model.China’s largest property developer has an array of investments exterior of actual property, from soccer golf equipment to retirement villages. Nevertheless it’s the current entry into electrical automobiles that’s captured buyers’ imaginations. Shareholders have pushed Evergrande NEV’s Hong Kong-listed refill greater than 1,000% over the previous 12 months, permitting it to lift billions of {dollars} in recent capital. It now has a market worth of $87 billion, better than Ford Motor Co. and Normal Motors Co.Such exuberance over an automaker that has repeatedly pushed again forecasts for when it is going to mass produce a automotive is emblematic of the froth that has been constructing in EVs over the previous yr, with buyers plowing cash right into a rally that briefly made Elon Musk the world’s richest individual and has some involved a couple of bubble. Maybe nowhere is that extra evident than in China, residence to the world’s greatest marketplace for new vitality automobiles, the place a mind-boggling 400 EV producers now jostle for customers’ consideration,

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