Key facts
- Evergrande NEV has ceased automobile manufacturing.
- The company now focuses on technical services and lithium-battery sales.
- Evergrande NEV had liabilities of 32.7 billion yuan and assets of 182 million yuan as of June 30.
- The firm has seven employees as of the end of June.
China Evergrande New Energy Vehicle Group Ltd. (Evergrande NEV) has exited automobile manufacturing entirely as it attempts to avoid delisting from the Hong Kong stock exchange. The company released overdue financial reports, disclosing its shift in operations. As of June 30, Evergrande NEV had total liabilities of 32.7 billion yuan, significantly outweighing its total assets of 182 million yuan. The electric-vehicle venture now operates as a small trading business, focusing on technical services and lithium-battery sales, with only seven employees remaining at the end of June.