Hyperdrive
Chinese EV Maker Once Worth More Than Ford Wipes Out $80 Billion
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Evergrande New Energy Vehicle Group Ltd. shares plunged anew Tuesday, extending a decline that has wiped out more than $80 billion in market value from the would-be electric-car maker this year.
The Hong Kong-listed company -- which at its peak in April was worth more than Ford Motor Co. despite not yet having a car on the market -- has become ensnared in the woes of its parent China Evergrande Group. The property developer said Tuesday it’s facing “tremendous” liquidity strains as it grapples with $300 billion of liabilities.