China's Evergrande New Energy Vehicle Group pursued by local governments for 1.9bn yuan ($262m) subsidy repayment due to unfulfilled car production.
China's Evergrande New Energy Vehicle Group is being pursued by local governments for repayment of 1.9bn yuan ($262m) in subsidies after failing to produce its long-awaited car, as per investment agreements signed since 2019. This situation highlights the government support in China's EV industry and potential waste as the market matures. Evergrande's financial position and operations might be significantly impacted by this demand.
May 22, 2024
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