Hyperdrive
Evergrande NEV Looks Further Away From Catching Musk Than Ever
- New energy vehicle upstart says it faces cash flow challenges
- Also says subject to risks of defaulting loans and disputes
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The Chinese electric-vehicle startup that vowed in March 2019 to take on Elon Musk and become the world’s biggest maker of EVs within five years seems further away from that goal than ever.
China Evergrande New Energy Vehicle Group Ltd., the Hong Kong-listed arm of struggling property behemoth China Evergrande Group, said on Monday evening it might have to delay car production unless it can secure more capital in the short term.