China Evergrande New Energy Vehicle Group Ltd. cautioned it might need to end production in the event that it can’t get new funding, having recently delivered 900 of its highly postponed flagship electric vehicle.
The organization said it is trying to reduce expenses by diminishing staff numbers and further developing administration effectiveness. Be that as it may, “in the face of the powerlessness to get extra liquidity, the group is in danger of stopping production,” it said in an explanation to the Hong Kong Stock Trade.
Having promoted the car as soon as 2019 and pledged to take on Elon Musk’s Tesla Inc. As the world’s greatest manufacturing of electric vehicles in three to five years, Evergrande NEV has been pledged by production delays and setbacks. At its pinnacle, the youngster automaker was esteemed at more than Ford Motor Co., prior to being up to speed in the obligation emergency immersing its parent organization, property designer China Evergrande Group. The stock has since plunged over 95% and trading has been suspended since April last year. The offers will stay suspended until additional notification.
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Evergrande NEV said in Thursday’s explanation that on the off chance that it can get funding of in excess of 29 billion yuan ($4.2 billion) that it intends to send off various lead models and desires to accomplish large scale manufacturing.