China Evergrande's Electric Vehicle Unit Posts RMB20.2 Billion Loss

China Evergrande New Energy Vehicle Group Ltd has declared a net loss of RMB20.2 billion for the interim period and has decided not to recommend an interim dividend. This development raises concerns about the financial health of the company amidst its ongoing struggles.

China Evergrande New Energy Vehicle Group Ltd reported a net loss of RMB20.2 billion for the interim period, reflecting the financial woes encompassing the conglomerate's efforts in the electric vehicle sector.

In light of these significant losses, the company announced it would not recommend an interim dividend for the period, a measure that underscores its pressing need to prioritize liquidity and financial stability.

This announcement adds another layer to the ongoing struggles of the parent company, China Evergrande Group, which is already battling severe debt issues.

(With inputs from agencies.)