China: Evergrande launches first electric vehicles

According to a post made on the company’s official Wechat account, China Evergrande New Energy Vehicle Group Ltd (0708.HK) has begun delivering its Hengchi 5 electric vehicles to consumers. The company stated that the first 100 customers received their cars on Saturday.

One month ago, the company, which is a division of the massively indebted property developer China Evergrande Group (3333.HK), began manufacture of the car at a plant located in the city of Tianjin, which is located in northern China.

Over the course of the next ten years, Evergrande intends to transition the group’s major business from real estate to the automobile enterprise, with the goal of producing one million automobiles by the year 2025.

It has announced that it will begin mass production of its second electric vehicle model in the first half of 2023 and a third in the second half of next year.

The price of a Hengchi 5 sport-utility vehicle is 179,000 yuan, which is equivalent to $24,690.00.