China Evergrande New Energy Vehicle Group, the electric car unit of embattled property developer China Evergrande Group, has resumed production at its plant in Tianjin after a one-month suspension due to a lack of funds, which remains an issue for the company.
The Tianjin factory got back to work making the Hengchi 5 on May 23, the Guangzhou-based firm said in a statement on its official WeChat account yesterday. It announced a stoppage at the plant on April 24 due to insufficient funds.
Shan Zhefeng, governor of Tianjin’s Binhai New Area and deputy secretary of the local party committee, visited the plant on May 29, Evergrande NEV added, noting that Shan expressed full support for the carmaker’s development and expansion, which would stimulate the vitality of the NEV sector.
But having resumed production does not mean that Evergrande NEV has solved its funding issues.
