Can Evergrande Rise after spending nearly 50 billion RMB in new energy vehicles?

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Evergrande’s first mass production version of Hengchi 5 Electric Car rolls off the assembly line at Tianjin Factory 12nd Jan 2022.

The news that Chinese property giant Evergrande Group, whose liabilities exceed $300bn (£228bn), failed to meet interest payments to international investors, made international headlines last year.

With support from government, Evergrande is still struggling in this debt crisis, but this situation does NOT stop Evergrande Group continues to move forward in the direction of new energy vehicles.

Liu Yongzhuo, president of Hengchi Brand (Evergrand group) Automobile, said that up to now, Hengchi has invested 47.4 billion RMB in the new energy vehicle industry, of which 24.9 billion RMB has been invested in research and development.

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On January 12, 2022, Evergrande officially announced that the first car of Hengchi brand, Hengchi 5, rolled off the production line, 12 days earlier than the original time.

The production line of Hengchi 5 is located in Tianjin, a port city near the capital Beijing. The geographical location takes into account both the domestic market and the export oversea market.

As the first model launched by Evergrande, the Hengchi 5 is positioned as a pure electric A-class luxury SUV.

The length, width and height of Hengchi 5 are 4725/1925/1688mm respectively, and the wheelbase is 2780mm.

Hengchi 5 uses an electric motor produced by United Automotive Electronics Co., Ltd.,

With affordable price lower than 200,000RMB, Henchi 5 can reach maximum power of 150kW, and recharge mileage of 700km.

The intelligent assisted driving system of Hengchi Automobile has technical support from Tencent.

Positioned in the A-class luxury SUV market, competitors of Hengchi 5 include Traditional luxury SUVs such as BMW X1, Audi Q3, and Chinese local brand Lixiang, Xpeng and so on.

The biggest advantage of Evergrande new energy vehicles is that it has natural gene to build a large high dense network of charging piles. Evergrande Real Estate currently owns more than 1,300 properties in more than 280 cities across China.

Comparing major competitor Tesla who needs third-party corporation to install charging facilities, Evergrand can handle it in its own properties with easiest grant and simple process.  Also, Evergrande joins hands with Petrochemical CHINA to build charging and battery replacing/swapping station network for all electrical cars. An Evergrande car charging ecological environment is on the way.

Henchi 5 is expected to be available on market in the second quarter of 2022, we will provide more test driving report and detail market info by then.

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