China Evergrande’s EV Unit May Shut Down Without New Funding

(Bloomberg) — China Evergrande New Energy Vehicle Group Ltd. warned it may have to stop making electric cars if it can’t obtain new financing, having delivered just 900 of its much-delayed flagship model.

The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, “in face of the inability to obtain additional liquidity, the group is at risk of discontinuing production,” it said in a statement to the Hong Kong Stock Exchange.