CHINA DAILY | HONG KONG EDITION Monday, November 18, 2019 MOTORING | 19 profit could fall as much as 43 per cent this year. BJEV, the largest maker of elec Evergrande to tric cars in the world, also forecast a 2019 loss in a grim earnings update. Startups are facing an even more serious situation, jostling enter NEV for attention in an almost over crowded sector and trying to pro duce convincing arguments about future profitability. They raised just $783 million market fast from January to midJune 2019, compared with $6 billion for the Chinese property development company will same period last year, according invest 45 billion yuan in auto sector by 2021 to Reuters, citing data from Pitch Book. For 2018, the total funds raised stood at $7.7 billion. By LI FUSHENG Nio, once hailed as Tesla of Chi
[email protected] na, failed last month in its attempt For core technology to get local government funding. Chinese property developer In the first 10 months this year, Evergrande has rolled out grand — and companies the startup that has burned if not grandiose — plans for elec available to be through more than $5 billion in tric vehicles at a time when estab four years delivered less than lished carmakers in the country purchased, we’ll buy 15,000 vehicles. are seeing sales slumps and start them all. For those we By the end of the third quarter, ups are jostling for attention of Nio had cut its workforce to 7,800 investors. couldn’t buy, we’d from 9,900 employees in January, The company will invest a total like to join hands with and its shares have dropped more of 45 billion yuan ($6.4 billion) by than 70 percent this year, accord 2021 in electric vehicles, said its them through ing to Bloomberg.