Good morning and welcome to your weekday morning roundup of the top stories you need to know.
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What's going on today:
- A car company with no drive. Evergrande's electric car division vowed to beat Tesla at its own game, but it's taken $740 million in losses so far this year and still hasn't sold a single car. Evergrande Auto once commanded a valuation higher than Ford's, but its share price has now plunged 96%, and it may never sell a single car.
- Very creative, guys. Trump Super PAC rebrands: 'Make America Great Again, Again!' "MAGA, Again! will support Trump-endorsed candidates across the country who have proven to be fighters of the MAGA movement," a press release said.
- A domino of defaults? Chinese property developer Fantasia just missed a $206 million repayment deadline, a sign that China's real estate woes extend beyond Evergrande. Fantasia, worth $415 million, and its default add to fears that an imminent major collapse in China's property market could destabilize the entire country's economy.
- A new normal in the White House. Stephanie Grisham didn't see anything wrong with Trump's Ukraine call because he "frequently said insane things to foreign leaders" Grisham didn't bat an eye at Trump's call because he often made "silly," "offensive," and "offhand" comments that risked upending US policy.
- She also said she's 'terrified' Trump will run again. Stephanie Grisham, former Trump press secretary, says his response to COVID-19 cost lives. Grisham, a former White House Press Secretary, resigned after the January 6 insurrection at the US Capitol.
- That's all for now. See you tomorrow.