Al Jazeera: Now Evergrande’s EV unit warns of running out of cash
Mon September, 2021, Age: 2 years
Shares of China Evergrande’s electric car unit plunged nearly 26 percent on Monday after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it will not proceed with plans to issue yuan-denominated shares. This is a sign that the property developer’s liquidity crisis is worsening across its business. The carmaker is also unlikely to reach its target to start mass deliveries next year.