BUSINESS

Evergrande’s EV Bankruptcies Leave Over $2 Billion in Debt

Published: Apr. 15, 2026 5:46 p.m. GMT+8

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An Evergrande car manufacturing plant in Guangdong province. Photo: VCG

The three primary manufacturing bases of Hong Kong-listed China Evergrande New Energy Vehicle Group Ltd. have all entered bankruptcy proceedings, with nearly 18 billion yuan ($2.6 billion) in confirmed debt.

The dismantling of the electric-vehicle (EV) unit closes the final chapter on disgraced founder Hui Ka Yan’s multi-billion-dollar automotive dream, which collapsed alongside his real estate empire amid a severe liquidity crisis.

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Evergrande New Energy Vehicle's Tianjin, Shanghai, and Guangzhou bases entered bankruptcy with nearly 18 billion yuan ($2.6B) confirmed debt.
Founder Hui Ka Yan pleaded guilty to eight charges including fraud and embezzlement in Shenzhen trial.
Produced 1,700 vehicles total; stock suspended since April 2025.

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Who’s Who

China Evergrande New Energy Vehicle Group Ltd.: China Evergrande New Energy Vehicle Group Ltd.'s three manufacturing bases (Tianjin, Shanghai, Guangzhou) have entered bankruptcy proceedings, with nearly 18B yuan ($2.6B) confirmed debt. Produced 1,700 EVs, delivered 1,429 before halting ops. Stock suspended since Apr 1, 2025, amid Evergrande's collapse. (47 words)

China Evergrande Group: China Evergrande Group, founded by Hui Ka Yan, collapsed amid a liquidity crisis, defaulting on dollar bonds in Dec 2021 and ordered liquidated by Hong Kong court in Jan 2024. Hui faces trial in Shenzhen for fraud and embezzlement, pleading guilty. Its EV unit's plants entered bankruptcy with ~18B yuan ($2.6B) debt.

Faraday Future: In 2017, China Evergrande Group indirectly invested in Faraday Future, founded by Jia Yueting, marking its first EV industry venture. The partnership soured months later.

National Electric Vehicle Sweden AB: China Evergrande Group acquired National Electric Vehicle Sweden AB, a Swedish electric carmaker, after its Faraday Future partnership soured in 2017. This preceded renaming its health unit to Evergrande New Energy Vehicle in 2020.

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