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SHANGHAI, 18 September 2022: The electric vehicle (EV) unit of China Evergrande Group (3333.HK) announced that mass production of the Hengchi 5 model has begun at a facility in the northern city of Tianjin.
China Evergrande New Energy Vehicle Group Ltd (0708.HK), which debuted the first electric vehicle model last year, will begin shipping the vehicles in October, according to a statement from Evergrande Group.
The company also stated that it would begin mass producing its third EV model in the second half of 2023 and its second EV model in the first half of 2023.
The company had declared its intention to produce 1 million vehicles annually by 2025.
The EV unit is crucial for Evergrande, the most indebted developer in the world who has been struggling with liabilities of more than USD 300 billion.
The group’s chairman, Hui Ka Yan, has committed to transition the company’s principal business within ten years from real estate to the vehicle endeavour, which has also had financial difficulties.
After pushing back mass production from June to the third quarter, it began accepting non-binding pre-orders for the Hengchi 5 sport utility vehicle in July, with prices starting at 179,000 yuan (USD 25,531.31).
Image credit: m.arenaev.com
