Evergrande pledged to push forward with mass production of its Hengchi-branded electric cars.
The electric vehicle unit of embattled Chinese property developer Evergrande said its first EVs will roll off the production line next year.
Evergrande NEV is entering an extremely competitive electric car market in China and will face off against upstarts such as Nio and Xpeng and established players like BYD and Tesla.People walk by an unopened shop for Evergrande's electric cars during the last day of the National Day and Golden Week holidays on October 7, 2021 in Wuhan, Hubei province, China. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion.
Evergrande has not delivered a single vehicle to customers yet — but it has lofty ambitions. It previously pledged annual production and sales of 1 million cars by 2025.
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