Reported 5 months ago
Local government bodies in China have requested Evergrande New Energy Vehicle's unit to return $262.4 million in subsidies and incentives, leading to potential adverse impacts on the company's financial position and operations. Evergrande Automotive Holdings received a letter demanding repayment of funds and termination of investment agreements, amidst the parent company, China Evergrande, facing liquidation orders earlier this year due to financial struggles and debt defaults. Consequently, Evergrande's shares remain suspended, awaiting further developments.
Source: YAHOO