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Evergrande electric vehicle unit loses $80 billion in worst stock rout

China Evergrande New Energy Vehicle Group Ltd. sank as much as 22% Thursday after its parent said the unit lost 4.8 billion yuan ($740 million) in the first half

Evergrande said earlier this month it was in talks with “several independent third-party investors” to sell stakes in the electric vehicle and property services subsidiaries. (Photo: Bloomberg)
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Evergrande said earlier this month it was in talks with “several independent third-party investors” to sell stakes in the electric vehicle and property services subsidiaries. (Photo: Bloomberg)

Sofia Horta e Costa | Bloomberg
Shares of China Evergrande Group’s electric vehicle unit are collapsing in Hong Kong, wiping about $80 billion from what was the property developer’s most valuable listed asset.
 
China Evergrande New Energy Vehicle Group Ltd. sank as much as 22% Thursday after its parent said the unit lost 4.8 billion yuan ($740 million) in the first half. 

The EV business’s market value was about $87 billion at its April 16 peak, greater than that of Ford Motor Co. and almost four times the capitalization of China Evergrande itself at the time. Evergrande NEV shares are down 92% since, the worst performance in

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First Published: Aug 27 2021 | 2:12 AM IST

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