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Evergrande Delivers Its First Electric Vehicle to Customers

China’s Evergrande delivered its Hengchi 5 electric car to the first 100 customers on Saturday, as it wades into the booming market

Evergrande Group's Hengchi electric vehicles (EV) are seen displayed at the Hengchi booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song


China’s indebted property giant Evergrande Group has delivered the first batch of its newly launched electric vehicle (EV) as it wades into the booming market.

Subsidiary business China Evergrande New Energy Vehicle Group Ltd delivered its Hengchi 5 to the first 100 customers on Saturday, the company said on its official WeChat account.

Its step into China’s electric vehicle sector comes one day after the country’s largest maker BYD posted third-quarter profits jumping 350% from a year ago.


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Evergrande is aiming to shift the group’s primary business from real estate to the automobile venture over the next decade, with plans to make 1 million vehicles by 2025.

It plans to start mass production of its second EV model in the first half of 2023 and a third in the latter half of next year.

The Hengchi 5 was assembled in a vehicle plant in China’s northern city of Tianjin, and sells for 179,000 yuan ($24,690.00).


  • Reuters, with additional editing from Alfie Habershon


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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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