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Monday, October 18, 2021

Embattled Evergrande’s EV unit vows to make cars early next year

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

BEIJING, Oct 11 (Reuters) – China’s embattled Evergrande New Energy Vehicle Group (0708.HK) said on Monday it aimed to start producing electric vehicles (EV) next year despite facing a struggle to secure external investment.

Evergrande NEV, which is linked to troubled Chinese developer Evergrande Group (3333.HK), has held meeting with suppliers and local authorities in the coastal city of Tianjin where it is building a car plant. It said on its website that management would make sure it reached mass-production next year.

Evergrande NEV warned in stock exchange filings last month that it was still looking for new investors and to make asset sales, and without either it may struggle to pay employee salaries and cover other expenses. It also scrapped plans to list shares in mainland China.

Reporting by Yilei Sun and Brenda Goh
Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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