Evergrande’s EV Auto Unit Surges to Record After Car-Test Video
- Footage shows 10 SUVs driving in circle on snow-covered field
- Property developer has plans to become world’s top EV maker
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China Evergrande Group’s new-energy vehicle startup surged to a record in Hong Kong trading after releasing photos and video footage of its first batch of cars undergoing a winter test.
Stock of the EV arm jumped as much as 17% in early trading Thursday, touching a high of HK$54.15. The unit’s 72% year-to-date gain has lifted its market value to about HK$456 billion ($59 billion), more than twice as much as its parent company, a property-development giant with ambitions to take on Elon Musk in the world of electric vehicles.