The amount Evergrande’s electric-vehicle unit plans to raise from stock sales is far smaller—and at a much lower share price—than it has raised before, reflecting fading euphoria about its prospects
SINGAPORE— China Evergrande Group ’s cash-strapped automotive business is raising money to commercially produce its first electric vehicles.
The Hong Kong-listed business, China Evergrande New Energy Vehicle Group Ltd. , on Wednesday said it plans to raise the equivalent of around $63 million from stock sales to improve its financial position and fund production as well as research and development.
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