China Evergrande said its electric vehicle unit started mass production of the Hengchi 5 model at a factory in Tianjin on Friday.
Delivery of China’s first electric car model Evergrande New Energy Vehicle, unveiled last year, will begin in October, the group said in a statement.
Evergrande will begin mass production of its second electric model in the first half of 2023 and a third in the second half of next year, the group added.
The electric vehicle unit is key to Evergrande, the world’s most indebted real estate developer, with more than $300 billion in liabilities.
The group’s chairman, Hui Ka Yan, has vowed to shift Evergrande’s main business from real estate to the auto development within 10 years, which in turn has been fighting for capital.
The company previously said it aimed to manufacture 1 million vehicles a year by 2025.
Evergrande began taking non-binding pre-orders for the Hengchi 5 sport utility vehicle priced at 179,000 yuan ($25,531.31) in July after delaying mass production from June to the third quarter.
Source: CNN Brasil
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