No New Electric Cars – Evergrande's Factory Is Idling, reports | China | Debt | EV

Chinese real estate developer Evergrande Group announced its entry into the electric car business last year with a high-profile launch of the Hengchi electric car, which Chairman Xu Jia claims will surpass Tesla as the world's No. 1 electric car brand by 2025. Although not a single car has been sold so far, the company's ability to raise money has been amusing, with its market value soaring to $87 billion in April this year, surpassing most carmakers like Ford Motor.

However, recent footage from Chinese citizens show that Evergrande's factory in Guangzhou is not operating at all. What’s on the production line was NEVS 93, an old model designed by Sweden manufacturer Saab, but not the new model released by Hengchi. The footage also shows that the plant, which covers an area of more than 110,000 square meters, is mostly silent, with only one or two rooms where employees are meeting, and the production line is completely still.

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