(Bloomberg) — China Evergrande New Energy Vehicle Group Ltd., the electric vehicle unit of defaulted developer China Evergande Group, has shed more jobs to preserve cash as the search for a buyer or investor continues.

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Evergrande NEV cut its headcount and other operating expenses further over the past six months to save costs, according to an exchange filing late on Monday evening. However, the group has been unable to secure services including the start of site audit work for 2024 due to low liquidity.

The EV maker, which initially aimed to take on Tesla Inc. and once had a market value that topped Ford Motor Co., was swept up in a debt crisis that engulfed its parent. The company reported a net loss for the first half of 2024 of 20.26 billion yuan ($2.8 billion), nearly triple its loss in the same period for 2023.

Evergrande NEV said available cash is going toward maintaining basic operating activities, including maintenance of the production plant and machinery. The company is continuing efforts to secure strategic investors and or purchasers to help with the firm’s liquidity issues, it added.

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