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China Evergrande New Energy Vehicle Group (708) investor relations material
China Evergrande New Energy Vehicle Group H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary17 Feb, 2025
Executive summary
Recorded significant impairment losses in 2023: RMB1,443 million (property, plant, equipment), RMB3,349 million (intangible assets), RMB19 million (right-of-use assets), and RMB926 million (other receivables), mainly due to business plan changes and economic headwinds.
Suspended development of all models except Hengchi 5 and ceased battery operations to consolidate resources, impacting asset valuations and impairment methodology.
Financial highlights
Total impairment for the Hengchi 5 NEV manufacturing CGU was RMB1,541 million, with construction in progress accounting for RMB1,086 million.
Impairment losses for NEV CGU development costs reached RMB3,337 million, with RMB176 million for Hengchi 5 and RMB3,161 million for other models.
Aggregate impairment for construction in progress (NEV and NEB) was RMB1,136 million.
Other receivables gross carrying amount as of 31 Dec 2023: RMB16,953.8 million (Group 1), with total loss allowance of RMB1,372.2 million across all groups.
Segment performance
NEV segment focused solely on Hengchi 5, with all other model development suspended due to financial constraints.
NEB (battery) segment ceased operations, with assets valued at fair value less costs of disposal and full impairment recognized.
Why suspend other models' development?
Explain the 'three-stage' impairment model.
Detail NEB's fair value calculation.
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Frequently asked questions
China Evergrande New Energy Vehicle Group Limited is a China-based company involved in the research, development, and manufacturing of electric vehicles (EVs). The company focuses on producing a range of new energy vehicles, including electric cars, with an emphasis on innovative design, advanced technology, and sustainable mobility solutions. The company is headquartered in Guangzhou, China, and its shares are listed on the HKEX.
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