Evergrande’s EV Unit Plunges, Taking Losses Past $84 Billion
- Stock falls 9.4% after warning of ‘serious’ cash shortage
- As recently as April, EV maker was valued at more than Ford
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China Evergrande Group’s electric-car unit plunged in Hong Kong trading after it warned of a “serious shortage of funds,” taking its losses in market value from an April peak past $84 billion.
Shares of China Evergrande New Energy Vehicle Group Ltd. closed down 9.4%, extending this year’s decline to 93.3%. At its peak in April, the company was valued at $86.7 billion -- higher than Ford Motor Co. -- despite not yet having a car on the market.