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China Evergrande's electric car unit's shares tumble 23% after warning



© Reuters. The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

HONG KONG (Reuters) – Shares of China Evergrande’s electric car unit China Evergrande New Energy Vehicle Group plunged as much as 23% on Monday after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it will not proceed with plans to issue shares.

The warning after the market closed on Friday was the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business.

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