China Evergrande New Energy Vehicle Group Ltd. tumbled 68% early Friday as trading resumed in the troubled company’s shares for the first time since April 2022.
The ignominious return came after the EV company published results for 2021 and 2022 this week that showed it lost 27.7 billion yuan ($3.9 billion) over the two years. It also warned of its ability to continue as a going concern.
Read More: Evergrande NEV Loses $11.7 Billion, Warns of Failure Risk
Evergrande NEV said Thursday it plans to raise about $500 million to satisfy capital requirements for production and sales of its Hengchi 5 EVs. It is also in discussions with potential investors, it said.
The shares pared their loss to 55% as of 9:35 a.m.
