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China Evergrande New Energy Vehicle Group ( (HK:0708) ) has issued an announcement.
China Evergrande New Energy Vehicle Group Limited reported significant impairment losses on various assets, including property, plant, and equipment, due to strategic changes in its business operations. The company has shifted its focus to the Hengchi 5 model, ceasing other model developments and battery operations, which has affected the valuation and financial reporting in the 2023 Annual Report.
More about China Evergrande New Energy Vehicle Group
China Evergrande New Energy Vehicle Group Limited is involved in the new energy vehicle industry, focusing on manufacturing electric vehicles. The company’s primary product is the Hengchi 5 model, with a market focus on consolidating resources for this model and suspending other developments.
YTD Price Performance: -13.33%
Average Trading Volume: 4,287
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $284.3M
See more insights into 0708 stock on TipRanks’ Stock Analysis page.
