:China Evergrande New Energy Vehicle Group reported a combined net loss of 71.12 billion yuan for 2021 and 2022 as it posted its long overdue financial results on Wednesday.
"In the future, the Group will make every effort to ensure the continuous and stable production and delivery of Hengchi 5, and launch other competitive new models one after another in line with market demand," the company said.More than 100 auto brands are struggling with weakening demand and a bruising price war in the world's largest auto market, leading to production cuts and layoffs at some established automakers while losses for new players have piled up.
The firm, which changed its name from Evergrande Health in August 2020 to reflect the shift in its business, posted revenue of 2.53 billion yuan for 2021 and revenue from continuing operations of 134.0 million yuan for 2022, compared with 15.5 billion yuan in 2020.