skip to Main Content
Evergrande turns to electric vehicle mass production as lifeline

Evergrande turns to electric vehicle as lifeline beginning with Hengchi 5

China Evergrande’s Unit Starts Mass Production Of First EV Model

China Evergrande Group said its electric vehicle (EV)unit started mass production on Friday of the Hengchi 5 model at a plant in the northern city of Tianjin.

(REUTERS): Delivery of the first electric car model unveiled last year by China Evergrande New Energy Vehicle Group Ltd will start in October, Evergrande Group 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 US$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 sport-utility vehicle priced from 179,000 yuan (US$25,531.31) in July after delaying mass production from June to the third quarter.


What You Missed:


Volkswagen To Speed Up Electric Vehicle Transition
Great Wall Motor Thailand Offers Tips For Electric Vehicle Users
Not Enough Lithium Globally To Meet Electric Vehicle Targets
Honda To Set Up China Venture To Procure EV Batteries
Vale And Partners To Invest In Nickel Project In Indonesia
Metalworking Fluids Market Outlook By Industries And Areas

New-Vehicle Market Expands For Third Straight Month
Semiconductor Industry to End 2022 in Loss! Can Chip Makers Manage?

Investment Opportunities For Saudi Businesses In Indonesia





CONNECT WITH US:  LinkedIn, Facebook, Twitter


Letter to the Editor
Do you have an opinion about this story? Do you have some thoughts you’d like to share with our readers? APMEN News would love to hear from you!

Email your letter to the Editorial Team at [email protected]

Rockwell Automation Identifies India's Digital Prowess, Propels Smart Manufacturing Ambition
Vietnam's Battle To Climb The Global Value Chain
Back To Top