Jul 29, 2023 06:08 AM

BUSINESS

Evergrande NEV Shares Plunge 61% as Trading Resumes

By Qi Zhanning and Han Wei

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Evergrande NEV said in June that it delivered more than 1,000 of the Hengchi 5 — an electric sport utility vehicle — as of the end of May

Evergrande NEV said in June that it delivered more than 1,000 of the Hengchi 5 — an electric sport utility vehicle — as of the end of May

China Evergrande New Energy Vehicle Group Ltd., the Hong Kong-traded car-making unit of embattled developer China Evergrande Group, plunged more than 61% Friday as trading resumed after 16 months of suspension.

The stock pared back losses slightly to close at HK$1.24 ($0.16) a share after falling as much as 68.4% when trading opened. The company's market value has shrunk to HK$13.45 billion, compared with HK$780 billion at its peak on Feb. 17, 2021, when the company was worth more than Ford Motor Co. and General Motors Co.

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