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China Evergrande’s EV unit shares surge on business shift, Evergrande sinks -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of China Evergrande Group can be seen at the Shenzhen headquarters in Guangdong, China, September 26th, 2021. REUTERS/Aly Song

HONG KONG, (Reuters) – Shares of China Evergrande Group’s electric car (EV) unit rose 5.8% on Tuesday morning. This was an increase from Monday as the cash-strapped company stated it would prioritize the development of its EV business.

China Evergrande however reversed its early gains, and dropped more than 6 percent.

China Evergrande is reeling with more than $300 billion of liabilities. Last week, China Evergrande made a late bond coupon payment to prevent a default. This gave it additional time to prepare for a possible debt crisis. Its next payment deadline was Friday.

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