Summary by Moomoo AI
Evergrande Vehicle Group Co., Ltd. (Evergr 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, Evergr Vehicle was affected by external and internal factors, with sales falling short of expectations, research and development as well as production being suspended, and the stability of the workforce affected. The company actively took measures to reduce operating costs, including arranging for some employees to take leave. Evergr Vehicle stated that it will introduce strategic investors to raise funds to maintain the company's operation and future development plans. Subsequently, two subsidiary companies of the company entered into bankruptcy reorganization proceedings. The parent company of Evergr Vehicle is Evergrande Group, and ultimately the parent company is Xin Xin (BVI) Limited. As of the reporting date, the executive directors of Evergr Vehicle are Mr. Xiao Sean and Mr. Cai Weikang.
