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Investing.com -- China Evergrande (HK:3333) New Energy Vehicle, the electric vehicle (EV) unit of the debt-ridden property developer China Evergrande, announced on Monday that it is facing difficulties in attracting strategic investors due to a severe liquidity crisis. The firm’s operational challenges and delayed audits for 2024 are further complicating the situation.
The company stated that the challenging conditions in which the new energy vehicle industry in Mainland China operates have not made the process of securing a strategic investor easier. Despite the difficulties, the EV unit continues its search for strategic investors to stabilize operations and manage its liquidity crisis.
China Evergrande New Energy Vehicle has also taken steps to reduce costs, including downsizing its workforce. The company said it is now focusing its limited funds on maintaining basic operations, which includes the upkeep of its production plant and machinery.
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