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Shares of China Evergrande New Energy Vehicle tumble as H1 loss widens

Shares of China Evergrande New Energy Vehicle tumble as H1 loss widens

FILE PHOTO: The China Evergrande Centre is seen in Hong Kong, China. August 25, 2021. REUTERS/Tyrone Siu

HONG KONG : Shares of China Evergrande New Energy Vehicle fell as much as 5.6per cent on Tuesday after the electric vehicle maker posted a wider loss for the first half.

The stock was trading down 3per cent at 0155 GMT, lagging a 0.7per cent fall in the benchmark Hang Seng Index and a 0.1per cent gain in the Hang Seng Tech Index.

The unit of debt-laden China Evergrande Group said its first-half net loss widened to 4.79 billion yuan (US$740.81 million) as compared to a 2.27 billion yuan loss in the same period a year earlier.

It said its EV mass production timetable may be delayed if it lacks further capital in the short term.

(US$1 = 6.4659 Chinese yuan renminbi)

(Reporting by Donny Kwok; Editing by Himani Sarkar and Kim Coghill)

Source: Reuters

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