Evergrande NEV Vice Chairman Detained, Shares Plunge

Detention marks the latest blow to the embattled auto manufacturer amid ongoing financial crisis.

China Evergrande New Energy Vehicle Group Ltd. Vice Chairman Liu Yongzhuo has been detained on suspicion of crimes, causing the group's shares to plunge as much as 23%.
Liu is the third executive from China Evergrande Group to have been detained, following founder and Chairman Hui Ka Yan and Du Liang, the general manager of a wealth management arm of the property conglomerate.
Evergrande NEV reported a net loss of 27.7 billion yuan ($3.8 billion) in 2022 and production has been halted for months due to a lack of funds.
The company has also reportedly suspended salary payments and fallen behind on paying suppliers, and it's only delivered a few thousand of its one model for sale — the Hengchi 5 electric SUV.
Evergrande Group, the world’s most heavily indebted property developer, is in the midst of a restructuring that includes selling off assets to avoid defaulting on $340 billion in debt.