(Yicai Global) July 27 -- China Evergrande New Energy Vehicle Group, the electric car arm of embattled property developer China Evergrande Group, said its combined loss for last year and 2021 was CNY84 billion (USD11.8 billion).

The net loss was CNY27.7 billion in 2022 and CNY56.3 billion in 2021, the Guangzhou-based company said in an earnings reports released yesterday. As of Dec. 31, Evergrande NEV had a total loss of nearly CNY100 billion (USD14 billion) and total liabilities of CNY183.9 billion.

“The company implemented plans and measures to mitigate the liquidity pressure and improve its financial position,” Guangzhou-based Evergrande NEV said.

The firm continues to make active plans and take measures to control operational and administrative costs such as by carrying out production and personnel optimization and adjustments, committing to finding new customers, and exploring overseas markets, it added.

To ease its financing difficulties, Evergrande sold some of overseas businesses, including UK electric car in-wheel motor startup Protean Electric and Dutch electric powertrain firm e-Traction. Meanwhile, Evergrande NEV's core management team voluntarily stopped receiving salaries, and office staff moved out to work in the factory, according to National Business Daily.

Evergrande NEV had delivered over 1,000 Hengchi 5 sports electric vehicles as of the end of May, it said on June 20. According to its planned schedule, mass production of the Hengchi 6 and Hengchi 7 will begin next year.

Evergrande NEV suspended trading of its shares on the Hong Kong Stock Exchange on April 1, 2022. If the stock does not resume trading in the next two months, a total of 18 consecutive months, it will be delisted, according to bourse rules.

Editor: Futura Costaglione