Automotive Sep 03, 2020 10:03 AM (GMT+8) · EqualOcean
Evergrande Auto, the electric car subsidy of China Evergrande Group, announced that its total revenue for the first half of the year reached CNY 4.51 billion, an increase of 70% compared to last year. The gross margin skyrocketed 107% to CNY 1.262 billion. For the first six months of 2020, the company saw its net loss widened to CNY 2.45 billion from CNY 1.98 billion for the previous year. The first-half revenue gained from NEV business amounted to CNY 53 million, plunging 81.34% from a year earlier. The majority contribution stemmed from the sale of lithium batteries and relevant technology services, which generated CNY 26.60 billion and CNY 23.41 billion in revenue respectively. The company has officially changed its name to China Evergrande New Energy Vehicle Group Limited from Evergrande Health Industry Group Limited, according to an announcement released on August 26, as the NEV has become its most important business.

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