Gasgoo Munich- On September 17, China Evergrande New Energy Vehicle (00708.HK) released its 2026 interim results on the Hong Kong Stock Exchange, formally confirming the group has terminated vehicle manufacturing operations and completed a strategic pivot to an asset-light model.The filing revealed that the group conducted no vehicle manufacturing operations during the reporting period. All domestic production bases have been disposed of or liquidated through subsidiary bankruptcy proceedings, with the entity operating the Tianjin base having finalized its court bankruptcy ruling. The group will not engage in vehicle manufacturing and has no plans to restart production.Image Source: China Evergrande New Energy VehicleFollowing the divestment of heavy assets, the company's core business now focuses on providing automotive technical services through its Swedish subsidiary, NEVS. It has also expanded into lithium-ion battery trading, which generated revenue during the reporting period. Operations will be maintained by the Hong Kong headquarters and the Swedish NEVS team, leveraging existing technical assets to drive asset-light activities.Financial data shows that as of June 30, 2026, total assets stood at approximately 182 million yuan, while liabilities reached 32.72 billion yuan, leaving the company under significant debt pressure. Its shares remain suspended and must satisfy multiple listing criteria from the exchange before trading can resume. This business adjustment signals that China Evergrande New Energy Vehicle—once planning large-scale manufacturing—has definitively exited the vehicle production track.
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