Evergrande NEV Abandons Car Manufacturing as Delisting Looms
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
As of June 30, Evergrande NEV had total liabilities of 32.7 billion yuan, compared with total assets of 182 million yuan. Photo: VCG
China Evergrande New Energy Vehicle Group Ltd. released a batch of overdue financial reports as it seeks to avoid delisting from the Hong Kong stock exchange, disclosing that it has exited automobile manufacturing entirely.
The filings underscore the collapse of the indebted property conglomerate’s electric-vehicle venture. Evergrande NEV is now operating as a small trading business focused on technical services and lithium-battery sales, with seven employees as of the end of June.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and Bloomberg - for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
Sign in with Google
Sign in with Facebook
Sign in with 财新