China’s Evergrande New Energy Vehicle has launched its first model after years of delay by an arm of the country’s most indebted property developer.
The Hengchi 5, an electric sports utility vehicle (SUV), debuted in a flashy videotaped event.
“By bringing together the knowledge of the world, and working with the best parts suppliers, we have created a great Chinese car,” president Liu Yongzhong said at the event.
“[We] are striving to become a globally recognised national automobile brand,” he added.
Liu said the first cars would roll off the assembly line in October and the company hoped to produce 10,000 SUVs in 2023.
The company, formerly known as Evergrande Health, made a sudden pivot to electric cars in 2020.
The release of the Hengchi 5 followed a HK$500 million ($64 million) share sale launched in November last year.
Less than a month later, the wider Evergrande group was declared in default after the expiry of grace periods on two liabilities.
Evergrande NEV’s share price rocketed last year until its Hong Kong stocks were suspended in March.
The company announced pre-orders for the Hengchi 5 in a stock exchange filing on Tuesday.
- George Russell, with Reuters