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Evergrande's EV Unit Receives Pre-Orders for Hengchi EVs

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Evergrande's EV Unit Receives Pre-Orders for Hengchi EVs
21 Jul 2022
6 min read

News Synopsis

On Wednesday, China Evergrande New Energy Vehicle Group Ltd announced that it had received non-binding pre-orders for more than 37,000 units of its first model, the Hengchi 5. The Hengchi 5's pre-orders have far exceeded the company's expectations, according to president Liu Yongzhuo at an online event.
Evergrande's electric vehicle (EV) division began accepting non-binding pre-orders two weeks ago, with buyers paying a deposit of 1,000 yuan ($148.13) for the pure-electric sport-utility vehicle, which starts at 179,000 yuan.
The EV unit also stated that the first batch of 10,000 Hengchi 5 vehicles will be delivered between October 1, 2022, and March 31, 2023. Buyers who change their minds within 15 days of pickup will receive a full refund.

According to company executives, mass production of the Hengchi 5 has been delayed from June to the third quarter, while its parent company, Evergrande Group, is saddled with more than $300 billion in liabilities. Hui Ka Yan, Chairman of Evergrande, has promised to shift the group's primary business from real estate to the automobile venture, which has struggled for capital. The company previously stated that it aimed to produce one million vehicles per year by 2025.

 

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