Evergrande’s EV unit is “short of funds”

Business & Technology

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Matthew Silberman
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China Evergrande Group’s electric car unit has a “serious shortage of funds,” per Bloomberg.

  • The EV unit said on Friday, September 24, that it has suspended paying some of its operating expenses and some suppliers have stopped working.

The context: Evergrande NEV was one of Evergrande’s most valuable assets in early 2020, but since the firm ran into liquidity problems, it has tried to sell a stake in the unit to get some cash. They have yet to find a buyer so far.

Matthew Silberman is Contributor, ChinaEdge and Manager, Business and Technology Research at The China Project. Previously, he studied Chinese as a Blakemore Freeman fellow at the International Chinese Language Program in Taiwan. He has also been a speechwriter at the Wilson Center in Washington, D.C., a researcher for Evan Osnos, and an editor at the Korea JoongAng Daily in Seoul, South Korea. Read more

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