Billionaires Investing in China’s Electric Cars Face Shakeout

Caixin Global | Dec 4, 2019 at 7:08 AM
  • Some of China’s wealthiest tycoons steered billions of dollars into electric-car companies to fuel the country’s dreams of becoming a leader in the field.
  • Evergrande, which wants to open 10 production bases, plans to spend 45 billion yuan on new-energy vehicles between 2019 and 2021.
  • Volvo parent Zhejiang Geely Holding Group has sued WM, seeking 2.1 billion yuan of compensation for alleged copyright infringement, Chinese state media reported in September.