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Evergrande EV warns of losing key assets as local governments demand subsidy repayment

Posted on AllSides June 11th, 2024
From The Center

June 11 (Reuters) - China Evergrande New Energy Vehicle Group (0708.HK) faces the risk of losing assets such as land and equipment, the company said on Tuesday, as local administrative bodies demand repayment of 1.9 billion yuan ($261.91 million) in subsidies by its units. The local bodies last month sent a letter of demand asking unit Evergrande Automotive Holdings to terminate a series of investment cooperation agreements made between the parties since April 29, 2019. If the decision by the relevant local administrative authority is implemented, it "would result in...

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