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EGRNF Stock: 14 Things to Know About EV Play Evergrande Auto as Shares Rocket 400%

China Evergrande Group (OTCMKTS:EGRNF) is seeing its stock soar higher on Monday following positive news for its electric vehicle (EV) company Evergrande Auto.

A photo of an electric car with the charger plugged in.

Source: Nick Starichenko/

Here’s what potential investors taking an interest in Evergrande Auto need to know about the company.

  • Starting off, Evergrande Auto is a division of China Evergrande Group formed to cash in on the growing EV market.
  • A recent announcement includes a $3.35 billion investment in the company by a group of investors.
  • That saw it selling a total of 952.38 million shares to six investors.
  • This nabbed those investors a 9.75% stake in the company and also sent its value skyrocketing.
  • Evergrande Auto saw its market capitalization jump from $17 billion to $51 billion following this investment.
  • That not only has it beating out other automotive companies but also surpassing the market cap of its real estate parent company.
  • While Evergrande Auto doesn’t have much to offer in the way of EV products at the moment, that’s about to change.
  • The company has shown off six different vehicles under a brand called Hengchi.
  • Its hopes are to have these EVs enter production this year.
  • Evergrande Auto has spent $4.6 billion in hopes of becoming a leader in the EV market.
  • That includes building factories and hiring experts over the last few years.
  • With the increase in interest in the EV company, investors are boosting shares of EGRNF stock up with heavy trading.
  • As of this writing, more than 508,000 shares have traded hands.
  • For some perspective, the company’s daily average trading volume is only about 3,000 shares.

EGRNF stock was up 414.3% as of noon Monday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media,

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