On September 24, 2021, the Shanghai factory of China Evergrande New Energy Automobile Group.
Shen Qilai | Bloomberg | Getty Images
Troubled property developer’s electric vehicle arm China Evergrande It said on Tuesday it expected a deeper loss in the first half of 2024, reflecting higher impairment provisions.
China Evergrande New Energy Vehicle Consolidated net loss for the six months ended June 30 is expected to be about 20.25 billion yuan ($2.84 billion), compared with 6.87 billion yuan in the same period last year.
The electric vehicle division, which is in talks with potential buyers to take a stake in the company, said it had set aside impairment provisions of about 16.74 billion yuan in the first half.
“The company has increased its impairment provisions for receivables from China Evergrande’s subsidiaries, associates and joint ventures,” the electric car maker said.
In January, a Hong Kong court ordered the liquidation of real estate giant China Evergrande Group.
China Evergrande New Energy is scheduled to announce its half-year results on August 30.
By the end of 2023, the electric vehicle manufacturer had produced only 1,700 Hengchi electric vehicles.
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