Smart and Sustainable Electric Mobility
Earlier today, rumors spread that Xiaomi EV was planning to acquire a 58.5 percent stake in Evergrande NEV in order to use the latter's existing factories to address its capacity issues.
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Evergrande NEV president Liu Yongzhuo has been taken into criminal detention on suspicion of violating the law, an announcement said.
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NWTN will get a 27.5 percent stake in Evergrande NEV and the right to nominate a majority of the board of directors, valuing the Chinese carmaker at $1.82 billion.
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After today's rally, Evergrande NEV stock is still down about 45 percent from before trading resumed.
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