China Evergrande New Energy Vehicle (00708.HK) has officially confirmed it has ceased vehicle manufacturing and transitioned to an asset-light model, as detailed in its 2026 interim results released on September 17.
Key points from their announcement:
– The company conducted no vehicle manufacturing during this period and has disposed of or liquidated its domestic production bases, including a court ruling on the Tianjin base’s bankruptcy.
– There are no plans to resume vehicle production.
– The focus has shifted to providing automotive technical services through its Swedish subsidiary, NEVS, and engaging in lithium-ion battery trading.
– As of June 30, 2026, total assets were around 182 million yuan against liabilities of 32.72 billion yuan, indicating significant debt pressure.
– The company’s shares remain suspended pending compliance with listing criteria for resumption of trading.
This transition marks a definitive exit from large-scale vehicle production for China Evergrande New Energy Vehicle.
