Evergrande NEV

Earlier today, rumors spread that Xiaomi EV was planning to acquire a 58.5 percent stake in Evergrande NEV in order to use the latter's existing factories to address its capacity issues.

Evergrande NEV president Liu Yongzhuo has been taken into criminal detention on suspicion of violating the law, an announcement said.

NWTN will get a 27.5 percent stake in Evergrande NEV and the right to nominate a majority of the board of directors, valuing the Chinese carmaker at $1.82 billion.

After today's rally, Evergrande NEV stock is still down about 45 percent from before trading resumed.