China Evergrande New Energy Vehicle Group (HK:0708) has released an update.
China Evergrande New Energy Vehicle Group faces severe financial repercussions as local authorities demand the return of approximately 1.9 billion RMB in subsidies due to breaches of contract, including unmet investment and production targets. Additionally, its subsidiary Tianjin Evergrande has been ordered to halt new energy vehicle production and sales, pending rectifications mandated by another regulatory body. These developments pose significant risks to the company’s financial health and operational capabilities.
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