Evergrande New Energy Vehicle, the electric car offshoot from the Chinese Evergrande Group, is now worth 87 billion US dollars on the stock market meaning it is valued higher than Ford or GM. The valuation is odd, as the company has yet to sell a single car.
To counter the low sales, the company has presented ambitious plans and announced several models. Series production of the first Hengchi 1 model is scheduled to start later this year, and should Evergrande manage to keep to their plan of selling five million electric cars within ten years, their valuation may turn out to be worth it.
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