Core Viewpoint - Evergrande Group's subsidiaries, Evergrande New Energy Vehicle (Guangdong) Co., Ltd. and Evergrande Intelligent Automobile (Guangdong) Co., Ltd., have undergone a change in their actual controllers to a consortium of six state-owned enterprises in Guangzhou, indicating a significant shift in ownership and potential restructuring efforts [4][6]. Company Changes - On November 18, 2023, the actual controller of both Evergrande New Energy Vehicle and Evergrande Intelligent Automobile was changed from Evergrande New Energy Vehicle Investment Holding Group Co., Ltd. to Guangzhou Poly Modern Industry Development Co., Ltd., which is jointly held by six state-owned enterprises in Guangzhou [4]. - Evergrande New Energy Vehicle was established in January 2019 and is a key operational entity for Evergrande's Nansha factory, holding a 99.4% stake by the parent company [4]. - Evergrande Intelligent Automobile was founded in February 2018 and also serves as an operational entity for the Nansha factory, having previously invested in two companies that have since been deregistered [4][6]. Investment and Development Plans - The total land area for the Nansha Evergrande Automobile City project has reached approximately 1.7 million square meters, with significant investments planned for research and development [7]. - The total investment for the 2020NGY-8 land plot is not less than 2.5 billion yuan, with a commitment to invest at least 2 billion yuan in R&D and to complete construction within 30 months [7]. Financial Challenges - Since 2021, Evergrande has faced severe financial difficulties, leading to a halt in construction at the Nansha factory, which has not yet obtained vehicle production qualifications or commenced operations [7]. - In 2024, both Evergrande Intelligent Automobile and Evergrande New Energy Vehicle entered bankruptcy reorganization procedures, highlighting the ongoing financial distress within the company [7].