EVGRF - Evergrande starts mass production of EV models
China Evergrande Group ( OTC:EVGRF ) shares gained sharply on Friday as its EV unit indicated it has begun mass production of its Hengchi 5 electric vehicle.
“On December 30 last year, the first car of the Hengchi 5 rolled off the assembly line; on July 6, the global pre-sale started, with orders exceeding 37,000 units in less than 15 days; today, the Hengchi 5 was officially mass-produced, and delivery will begin in October,” the company said in a statement.
US-listed shares of the heavily-indebted real estate conglomerate rose 5.37% on Friday.
Read more on recent actions by lenders to seize the company’s headquarters .
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Evergrande starts mass production of EV models