October 13, 2021: -The electric vehicle unit of embattled Chinese property developer Evergrande said its first cars would roll off the production line in the coming year.
The debt-laden company said that it met with suppliers and the local government in Tianjin, the production base is, and pledging to push forward with mass production of its Hengchi-branded cars.
Shares of China Evergrande New Energy Vehicle Group were up above 10% in morning trade but pared few of those gains. They closed almost 4.5% higher in Hong Kong.
Evergrande is not delivered a single vehicle to customers, but it has lofty ambitions. It pledged annual production and sales of 1 million cars by 2025.
Tianjin’s local government said that it would coordinate with financial institutions to support Evergrande and help the company achieve mass production.
Evergrande’s Group struggles to pay off $300 billion of liabilities, and it is the world’s most indebted property developer and has missed several bond payments. Fears that the company could default have roiled global markets as investors are worried it may have contagion effects and hurt the global economy. Confidence in Evergrande has plummeted.
Last month, Evergrande NEV said they delayed to suppliers of its electric vehicle unit and that few projects across the group have been suspended. Evergrande said it looks for new investors.
The Chinese firm said it had tested various models of its Hengchi car throughout the year.
But the automaker entered an extremely competitive electric car market in China and will face upstarts like Nio and Xpeng and established players such as BYD and Tesla.
On Monday, U.S.-listed start-up Xpeng said it had produced 100,000 cars six years after the company launched.
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Systems thinking is an approach that focuses on understanding how different parts of a system interact and influence one another within a whole. It is a holistic framework considering interrelationships and patterns rather than static snapshots. By expanding perspectives, systems thinking clarifies complex situations and can spur innovation.
A definite ‘NO’ to the question if struggling families had child care asked by a group of committed volunteers in the San Fernando Valley in 1974, urged the volunteers to look for a way to support families struggling to find quality child care, development, and education services for their families. That year, the San Fernando Valley Child Care Consortium and the Mayor’s Child Care and Junior Task Force proposed the first child care resource center in the San Fernando Valley. Doris McLain was elected chairperson as Mayor Bradley accepted the proposal and gave the newly founded Child Care Resource Center (CCRC) space in Van Nuys City Hall Center. CCRC began 45 years to help working moms find child care.
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