China Evergrande New Energy Vehicle Group reported a combined net loss of RMB 71.12 billion ($9.95 billion) for 2021 and 2022 as it posted its long overdue financial results on Wednesday, reports Reuters. The NEV company, which has been under pressure since its parent China Evergrande group got sucked into a debt crisis in mid-2021, had warned in March it might have to wind up operations unless it obtained new funding.
In 2022, the firm had to delay mass production of its first flagship model, Hengchi 5. The firm said in June it that as of May, it had delivered more than 1,000 units of the EV, whose sales started in October last year.
“In the future, the Group will make every effort to ensure the continuous and stable production and delivery of Hengchi 5, and launch other competitive new models one after another in line with market demand,” the company said.
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