Chart of the Day: Evergrande’s EV Unit Bleeds $11.7 Billion in Red Ink Over Two Years

Debt-ridden real estate giant China Evergrande Group’s Hong Kong-listed carmaking unit suffered combined losses of about 84 billion yuan ($11.7 billion) for the past two years, according to its long-delayed earnings reports, reflecting the firm’s struggle to gain a foothold in China’s highly competitive electric-vehicle (EV) market.

China Evergrande New Energy Vehicle Group Ltd. recorded net losses of 27.7 billion yuan in 2022 and 56.3 billion yuan in 2021, according to the financial reports filed to the Hong Kong Stock Exchange Wednesday. This brings the total accumulated deficit the company had as of the end of last year to more than 98.9 billion yuan, the company said. Trading in its shares has been suspended since April last year.