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September 16, 2022 04:48 AM

China's Evergrande starts mass production of first EV

Evergrande, the world's most indebted developer, is shifting the group's primary business from real estate to the automobiles.

Reuters
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    Hengchi 5
    BLOOMBERG

    Evergrande will begin deliveries of the Hengchi 5 next month.

    SHANGHAI -- China Evergrande Group said its electric-vehicle unit has started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin.

    Deliveries of the EV, which was unveiled last year by China Evergrande New Energy Vehicle Group, will start in October, Evergrande said in a statement.

    Evergrande will start mass production of its second EV model in the first half of 2023 and a third one in the latter half of next year, it added.

    The EV unit is key for Evergrande, the world's most indebted developer that has been reeling under more than $300 billion worth of liabilities.

    Chairman Hui Ka Yan has vowed to shift within 10 years the group's primary business from real estate to the automobile venture, which has itself struggled for capital.

    The company previously said it aimed to make 1 million vehicles a year by 2025.

    It started taking non-binding pre-orders for the Hengchi 5 SUV priced from 179,000 yuan ($25,531.31) in July after delaying mass production from June to the third quarter.

    Related Article
    Before debt woes, China Evergrande's EV ambitions stunned industry
    China's Evergrande plans to prioritize EV business
    CARS & CONCEPTS: Sign up for this multipurpose newsletter that covers the biggest moves in Europe’s product market.
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