A former tabloid reporter married to a fugitive, poker-playing billionaire is among those backing the world’s most indebted property group’s bid to become a leader in electric cars, despite it not having sold a single vehicle.
Evergrande New Energy Vehicle’s Hong Kong-listed shares have risen 81 per cent this year, catapulting the Chinese group’s market capitalisation to more than $63bn — above that of traditional rivals such as Ford — even as it struggles to get its debut car to market.
But Evergrande NEV is not just another example of the mania for electric vehicles that has swept across global markets. The rally is tied to signs that influential backers will continue to stand by parent China Evergrande and its web of subsidiaries, even as it faces pressure from Beijing to bring its more than $120bn in borrowings under control.