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China’s Evergrande electric vehicle business warns of cash pressure

The China Evergrande Group’s once high-flying electric vehicle unit has warned that it is facing a “serious lack of funds” and may not be able to meet its financial obligations.

In a late Friday submission in Hong Kong, China Evergrande New Energy Vehicle Group Ltd., or Evergrande Auto, also said it had stopped paying some operating costs and some companies had stopped supplying. EV makers said there was no substantial progress in resuming projects that were previously stagnant due to late payments.

China’s Evergrande electric vehicle business warns of cash pressure

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