Saturday , January 28 2023

Evergrande’s EV unit suspends mass production due to lack of orders: sources

China Evergrande Group’s electric vehicle unit has suspended mass production of its only model due to a lack of new orders, two people with knowledge of the matter said, in the latest set of troubles facing the indebted property developer.

China Evergrande New Energy Vehicle Group said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars.

However, the company has paused production as there are not enough new orders for the electric sport-utility vehicle, said the people, who declined to be named because they were not authorised to speak to media.

The two people also said many employees have yet to receive salaries for October and November.

Evergrande did not immediately respond to a request for comment.

Two other people said some work was still continuing. One of these two said the unit planned to lay off 10% of workers and would suspend salary payments to 25% of its workers for 1 to 3 months.

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