China Evergrande Group ’s once-highflying electric-vehicle unit warned it was facing a “serious shortage of funds” and might not be able to meet its financial obligations, adding to the challenges facing its heavily indebted parent company.
In a filing late Friday in Hong Kong, China Evergrande New Energy Vehicle Group Ltd. , or Evergrande Auto, also said that it had stopped paying some operating expenses, and that some companies had stopped providing it with supplies. The EV maker said there hadn’t been material progress on restarting projects that had previously stalled because of payment delays.
