Guangzhou Automobile Group (SHA:601238, HKG:2238) dismissed rumors that its new luxury EV unit, Huawang Auto, plans to acquire Evergrande NEV's (HKG:0708) non-operational Nansha factory, YiCai Global reported Thursday.
The automobile maker said neither it nor Huawang Auto has engaged with Evergrande NEV regarding the plant, according to the report.
Instead, Huawang Auto will prioritize GAC's existing production capacity, YiCai Global wrote.
Evergrande NEV has been unable to secure a buyer or strategic investor for its factory, according to the report.
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