2022 RT Banner.gif

China Daily

News> Business> Content
Published: 12:25, July 06, 2022
Evergrande electric vehicle unit to start taking pre-orders
By Reuters
Published:12:25, July 06, 2022 By Reuters

A Hengchi 5 car is seen during the 19th Shanghai International Automobile Industry Exhibition in Shanghai on April 19, 2021. (HECTOR RETAMAL / AFP)

HONG KONG - China Evergrande New Energy Vehicle Group Ltd said on Tuesday it would start taking pre-orders for its first model, a key milestone for the unit of property developer China Evergrande group.

The start of pre-orders for the sport-utility vehicle comes after Evergrande Chairmen Hui Ka Yan vowed within 10 years to shift the group's primary business from real estate to the automobile venture.

Evergrande New Energy Vehicle says it aims at making 1 million vehicles a year by 2025

The all-electric model is the Hengchi 5. Pre-orders, which are not binding, will begin on Wednesday.

ALSO READ: Evergrande to enter NEV market fast

Mass production of the Hengchi 5 has been delayed to the third quarter from June, according to company executives' recent statements. Evergrande has been reeling under more than $300 billion worth of liabilities.

Evergrande New Energy Vehicle says it aims at making 1 million vehicles a year by 2025.

Evergrande is working on a debt restructuring plan. Its electric vehicle arm has struggled to secure external investment and has negotiated with potential buyers for some of its assets.

READ MORE: HKEX: Trading in shares of China Evergrande, units halted

Shares of the unit have been suspended from trading since April, pending publication of audited annual results for the 2021 financial year.

Share this story

Please click in the upper right corner to open it in your browser !