Summary by Futu AI
China Evergrande New Energy Automobile Group Co., Ltd. (Evergrande Vehicle) released its interim report on August 30, 2024, showing that the company is facing operational difficulties, with a loss of RMB 20,256.65 million during the period. During the reporting period, Evergrande Vehicle was affected by external and internal factors, sales fell short of expectations, research and development and production were temporarily suspended, and the stability of the workforce was affected. The company actively took measures to reduce operating costs, including arranging for some employees to take leave. Evergrande Vehicle stated that it will introduce strategic investors to raise funds to maintain the company's operations and future development plans. Subsequently, two affiliated companies of the company entered bankruptcy reorganization procedures. Evergrande Vehicle's parent company is China Evergrande Group, and the ultimate parent company is Xin Xin (BVI) Limited. As of the reporting date, the executive directors of Evergrande Vehicle are Mr. Xiao and Mr. Cai.
