China’s debt-laden Evergrande delivers its first electric vehicle to customers


After consistently missing mass production targets, China Evergrande New Energy Vehicle Group Ltd. announced that it had started delivering its first electric model. 

The company announced in a statement on its official Wechat account that it has delivered the Hengchi 5 electric sports utility vehicle to the first batch of 100 purchasers. It stated that more car distribution batches will be made available for delivery to the owners. 

According to the release, the delivery event “marks another significant milestone for Hengchi Auto.” 

A plant in the northern city of Tianjin is where the business, a division of the massively indebted real estate developer China Evergrande Group, began producing the car last month. 

With plans to produce 1 million automobiles by 2025, Evergrande hopes to transition the group’s principal business from real estate to the automotive venture over the next ten years. 

It has stated that it will begin mass producing its third EV model in the second half of next year and its second EV model in the first half of 2023. 

Read more: Pakistan’s first locally produced electric car Nur-E 75 launched

After the state subsidy, the beginning price of the vehicle, which can go 602 kilometers (374 miles) on a single charge, is set at 179,000 yuan ($24,700). 

Hengchi 5 by Evergrande is marketed as a 5-seat D-segment SUV. Its measurements are 4,725/1,925/1,676 mm, with a 2,780 mm wheelbase. 

Exterior features including wide fenders, a sporty roof spoiler, and boomerang-shaped lighting give Hengchi 5 a pleasant appearance. It includes hip wheel covers, retractable door handles, and a sleek aerodynamic appearance. 

Three big screens can be seen inside, including a main 14.6-inch unit in the middle and two 10.25-inch panels for the driver and passenger. 

The Hengchi 5 can accelerate from 0 to 100 kilometers per hour (km/h) in 7.8 seconds thanks to a single electric motor on the front axle that produces 150 kW (204 hp) and 345 Nm. It has a 72.8 kWh CATL LFP battery that can power it for up to 602 kilometers. Additionally, the Hengchi 5 has an L2 automated driving technology called “Hengchi H-Pilot.” 

The new electric vehicle brand is also forward to develop electric sedans, crossovers, and MPV style vehicles in the coming features. 

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