Yahoo Finance

(Bloomberg) -- China Evergrande New Energy Vehicle Group Ltd., the electric vehicle unit of defaulted developer China Evergande Group, has shed more jobs to preserve cash as the search for a buyer or investor continues.

Most Read from Bloomberg

• New York’s First ‘Passive House’ School Is a Model of Downtown Density

• When French Communists Went on a Brutalist Building Boom

• Trump Paves the Way to Deputize Local Police on Immigration

• How the 2025 Catholic Jubilee Is Reshaping Rome

• Historic London Elevator Faces Last Stop in Labour’s Housing Push

Evergrande NEV cut its headcount and other operating expenses further over the past six months to save costs, according to an exchange filing late on Monday evening. However, the group has been unable to secure services including the start of site audit work for 2024 due to low liquidity.

The EV maker, which initially aimed to take on Tesla Inc. and once had a market value that topped Ford Motor Co., was swept up in a debt crisis that engulfed its parent. The company reported a net loss for the first half of 2024 of 20.26 billion yuan ($2.8 billion), nearly triple its loss in the same period for 2023.

Evergrande NEV said available cash is going toward maintaining basic operating activities, including maintenance of the production plant and machinery. The company is continuing efforts to secure strategic investors and or purchasers to help with the firm’s liquidity issues, it added.

Most Read from Bloomberg Businessweek

• Elon Musk Inside the Treasury Department Payment System

• The Internet Almost Killed Barnes & Noble, Then Saved It

• Indy Pass, the Anti-Vail Seasonal Ski Ticket, Is Gaining Fans

• What America’s Tech Billionaires Really Bought When They Backed Donald Trump

• Musk Pitches New Narrative as Tesla Sales Fall

©2025 Bloomberg L.P.