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Evergrande Auto: Why the company is laying off all employees

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Published: August 8th, 2024,
Last updated: September 5th, 2024

The electric crossover Hengchi 5: The automotive division of Evergrande has dismissed all remaining employees and must declare bankruptcy.

Evergrande Auto, the automotive arm of China Evergrande Group, has laid off all remaining employees, according to reports from Car News China. Most of these were contract workers with over a year left on their contracts. The company had already halted production at the end of last year and reduced its workforce from 6,000 to fewer than 500 employees at that time.

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