China Evergrande New Energy Vehicle Group reported a combined net loss of 71.12 billion yuan ($9.95 billion) for 2021 and 2022 as it posted its long overdue financial results on Wednesday.
Test cars by Evergrande are parked outside the Evergrande New Energy Vehicle 's research center, in Shanghai, China October 6, 2021. Picture taken October 6, 2021. REUTERS/Yilei Sun/File phototreported a combined net loss of 71.12 billion yuan for 2021 and 2022 as it posted its long overdue financial results on Wednesday.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 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.More than 100 auto brands are struggling with weakening demand and a bruising price war in the world's largest auto market, leading to production cuts and layoffs at some established automakers while losses for new players have piled up.
Evergrande NEV's net loss was 56.27 billion yuan for 2021 and net loss from continuing operations was 14.85 billion yuan for 2022, compared with a net loss of 7.4 billion yuan in 2020 when its business was predominately health management.
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