Benzinga | Oct 12, 2021 04:12PM EDT

Liability Laden Evergrande Now Eyes China's EV Market: CNBC

* Chinese property developer Evergrande Property's (OTC:EVGPF) (OTC:EVGPY) electric vehicle unit will make its EV debut in 2022, CNBC reports.

* The move marked its debut in the cutthroat market ruled by NIO Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV), and Tesla Inc (NASDAQ:TSLA).

* Evergrande interacted with suppliers and the local government in Tianjin's production base and pledged to push forward with mass production of its Hengchi-branded cars.

* Tianjin's local government agreed to coordinate with financial institutions to support Evergrande for mass production.

* Evergrande previously pledged annual production and sales of 1 million cars by 2025.

* The most indebted property developer's default has triggered concerns of a contagion effect, hampering the entire economy.

* XPeng admitted to producing 100,000 cars six years since its launch.