The production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: HandoutThe production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: Handout
The production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: Handout

Tesla’s Chinese challenger Evergrande slams brakes on electric car investments amid slowing sales

  • Billionaire Hui Ka-yan, Evergrande’s chairman, says that investments will be reduced from 20 billion yuan this year to 10 billion yuan in 2021
  • Company says it’s on track to debut its Hengchi 1 electric car model in the first half of next year, with production planned for 2021.

Topic |   Electric cars
The production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: HandoutThe production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: Handout
The production line of Nevs 93, Evergrande’s electric car, at its Tianjin factory. Photo: Handout
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