China Evergrande’s EV Unit Taps Investors Ahead of First Car Sales

SINGAPORE— China Evergrande Group ’s cash-strapped automotive business is raising money to commercially produce its first electric vehicles.

The Hong Kong-listed business, China Evergrande New Energy Vehicle Group Ltd. , on Wednesday said it plans to raise the equivalent of around $63 million from stock sales to improve its financial position and fund production as well as research and development.