- Chinese property developer Evergrande Property’s (OTC:EVGPF) (OTC:EVGPY) electric vehicle unit will make its EV debut in 2022, CNBC reports.
- The move marked its debut in the cutthroat market ruled by NIO Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV), and Tesla Inc (NASDAQ:TSLA).
- Evergrande interacted with suppliers and the local government in Tianjin’s production base and pledged to push forward with mass production of its Hengchi-branded cars.
- Tianjin’s local government agreed to coordinate with financial institutions to support Evergrande for mass production.
- Evergrande previously pledged annual production and sales of 1 million cars by 2025.
- The most indebted property developer’s default has triggered concerns of a contagion effect, hampering the entire economy.
- XPeng admitted to producing 100,000 cars six years since its launch.
Plug Power Q2 EPS $(0.18) Down From $(0.03) YoY, Sales $124.60M Beat $114.02M Estimate
Plug Power (NASDAQ:PLUG) reported quarterly losses of $(0.18) per share. This is a 500 percent decrease over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $124.60
