China Evergrande New Energy Vehicle Group announced on Friday that discussions with potential buyers regarding a partial stake sale have concluded without an agreement.
The EV subsidiary of China Evergrande Group, which holds a 58.5% interest in the unit, was in talks to divest 29% of its stake, with an option to sell the remaining shares over time.
In a separate statement, China Evergrande indicated that its liquidators will continue exploring potential buyers and other opportunities to divest its holdings in the EV arm. However, the company warned that the prospects for a successful sale remain uncertain.
Evergrande NEV reported a substantial net loss of 20.3 billion yuan ($2.9 billion) for the first half of the year, up from a 6.9 billion yuan loss in the same period last year.
The EV maker also applied for a resumption of trading in its shares on the Hong Kong Stock Exchange, effective Oct. 28.
