China Evergrande New Energy Vehicle Group Ltd said on Thursday it may have to halt production of electric vehicles (EVs) if it could not obtain fresh funding, after delivering more than 900 units of its flagship Hengchi 5 model.
A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Songsaid on Thursday it may have to halt production of electric vehicles if it could not obtain fresh funding, after delivering more than 900 units of its flagship Hengchi 5 model.said it was aiming to cut costs through measures such as reducing staff numbers and improving management efficiency.
If, however, it could obtain financing of more than 29 billion yuan "in the future", it aimed to launch a number of flagship models and hoped to achieve mass production, the company said in a statement. The news comes after its parent, China Evergrande Group, on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals in the country's property sector.
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