Evergrande's EV unit said to suffer massive layoffs

Asian Tech Press (Nov 2) -- Evergrande Auto, indebted property developer China Evergrande's EV unit, is facing rumors of massive layoffs.

Chinese media reported Friday that Evergrande Auto will dissolve its headquarters and adjust its staff structure in order to reduce costs, with most employees facing layoffs and a small number moving to factories.

In response, sources close to Evergrande Auto said that the news is not true.

Evergrande Auto announced at the end of October that its first mass production vehicle, the Hengchi 5 luxury pure electric SUV, officially started delivery.

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