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Evergrande: Hengchi 5 EV pre-orders top 37,000

Evergrande: Hengchi 5 EV pre-orders top 37,000

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

Pre-orders for the Hengchi 5 have far exceeded the company’s expectations, President Liu Yongzhuo said at an online event.

Evergrande’s electric vehicle unit began accepting non-binding pre-orders two weeks ago, with buyers paying 1,000 yuan ($148.13) as a down payment for the all-electric sport-utility vehicle, priced from 179,000 yuan.

The EV unit also said it will deliver the first batch of 10,000 Hengchi 5 cars from October 1, 2022 to March 31, 2023. Buyers will be refunded in full if they change their mind within 15 days of pick up.

Mass production of the Hengchi 5 has been postponed to the third quarter, starting in June, according to recent statements from company executives, while parent company Evergrande Group has been weighed down by more than $300 billion in liabilities.

Evergrande’s chairman Hui Ka Yan promised to shift the group’s primary activities from real estate to the automotive company, which itself was struggling for capital, within 10 years.

The company previously said it aims to make 1 million vehicles per year by 2025.