The electric car arm of China’s embattled property developer Evergrande said it faces an uncertain future unless it gets a swift injection of cash, sounding the alarm that the company’s liquidity crisis is mounting.
Evergrande New Energy Vehicle Group’s capability to pay its workers and suppliers, as well as to manufacture cars, will be in jeopardy without a strategic investment or the sale of assets.
The parent company, whose debts have exceeded $300 billion, has been running short of cash, making investors nervous that its potential bankruptcy could pose huge systemic risks to China’s financial system that would reverberate across the world. (RT)
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