Evergrande New Energy Vehicle Group Profit Warning

China Evergrande New Energy Vehicle Group (HK:0708) has released an update.

China Evergrande New Energy Vehicle Group Limited has issued a profit warning, indicating a significant increase in consolidated net loss for the first half of 2024, estimated at approximately RMB20.254 billion, up from RMB6.873 billion in the same period of 2023. The loss is attributed to the provision of approximately RMB16.737 billion for impairment losses following the winding up of its parent company, China Evergrande Group. Investors are cautioned to exercise care when dealing in the company’s securities.

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