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July 20, 2022

Evergrande takes 37,000 orders for new EV SUV

Pre-orders have far exceeded the company's expectations

By Graeme Roberts

China Evergrande New Energy Vehicle Group said it had received non-binding pre-orders for more than 37,000 units of its first model Hengchi 5.

Pre-orders have far exceeded the company’s expectations, president Liu Yongzhuo said at an online event, according to Reuters.

The Evergrande EV units started to accept non-binding pre-orders two weeks ago, with buyers paying CNY1,000 (US$148.13) as a deposit for the EV SUV vehicle priced from CNY179,000.

The unit also said it would start delivering the first batch of 10,000 cars from 1 October, 2022 to 31 March, 2023. Buyers would be fully refunded if they changed their minds within 15 days of pickup.

Mass production has been delayed to the third quarter from June, according to company executives’ recent statements, while parent Evergrande Group has been reeling under more than $300 billion worth of liabilities.

Evergrande Chairmen Hui Ka Yan vowed within 10 years to shift 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, Reuters noted.

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